A life insurance plan provides safety and peace of mind. Read on to understand the application process and more!
A life insurance plan is a security that you can provide to your family. It helps you protect and care for them financially after your demise. Be it paying off your debts, handling expenses or just enabling your family to continue their current lifestyle, a life insurance is the perfect way to save money.
The process of applying for a life insurance very easy when you work with an insurance advisor.
We’ve broken them down for you here.
How to apply for a life insurance?
The first step in applying for a life insurance is finding out which kind of life insurance would suit you best.
Generally, there are three types of life insurance:
1. Term life insurance
2. Whole life insurance
3. Universal life insurance
1. Term Life Insurance:
A term life insurance is one of the most affordable insurance types. It provides coverage for a pre-determined period of time. The term can be renewed once the previous one ends. If the policy holder passes away during the time the term is in effect, the beneficiaries receive the pre-determined death benefits.
2. Whole Life Insurance:
A whole life insurance is also called a permanent life insurance. It covers the policy holder for entire life. This type of policy holds cash value which builds over time as and when the premium paid over time. Depending on the plan you pick, your payment can be for the entire duration of the policy or for a limited time.
3. Universal Life Insurance:
Combining both savings and protection, the universal life insurance policy creates a great way to leave your family well-off. It is also a great way to build your savings. The death benefit your family receives is pre-determined. Any amount that builds over this amount is stored as savings and taxable.
The next step:
Once the type of insurance is determined, the next and most important step is hunting for quotes. This step can be simplified by reaching out to an insurance advisor. They will research the market depending on your finances and medical history. As experts in the market, they can help you find a deal which truly provides the right protection for your family.
Get in touch with an insurance broker today. Contact Super Visa Insurance Canada.