31 August, 2017 Financial Planning

Why do I need life insurance?

You may not want to think about what would happen if you were to die tomorrow but if someone relies on you financially, you probably need life insurance. The reason is simple – life insurance can help ease the financial burden caused by a critical illness or death in the family.

What is life insurance?

Life insurance is a contract involving three parties – an insured person, a life insurance provider and a beneficiary. Depending on the product, it is designed to pay a benefit to the beneficiary or beneficiaries when the insured person dies or becomes critically ill.

But the impact of life insurance is far-reaching. It can make all the difference to your loved ones by enabling them to enjoy the lifestyle you planned for them, even when you’re no longer here.

Life insurance is not a "one-size-fits-all" proposition. There are a range of products to meet your needs.  As your life changes, so do your insurance needs.

Types of life insurance:

Term life insurance provides coverage for a defined number of years. You generally pay a fixed premium for a policy that covers you for a specific period of time and pays out a set amount if you die within this time period.

Whole life insurance has no fixed term and is designed to cover you for the rest of your life. The premium for whole life is typically guaranteed not to increase for the life of the contract.

Critical illness insurance provides coverage in the event of a serious illness such as a heart attack, stroke, paralysis or life-threatening cancer.

There are a range of products to meet your needs.  Allow the Greer Team to help you find the one that best suits your personal situation and make appropriate recommendations.

Insurance products offered through IPC Estate Services Inc.