Financial Insurance In Canada

Financial Insurance In CanadaIf you’re a Canadian and have been in the workforce for a decade or more, then you know that your income purchases less today than the first year of your working career. Inflation is a part of our society and while our government continues to devalue our money by printing more and more of it, inflation will undoubtedly continue. This is not only a Canadian concern though. All around the world people are feeling the effects of inflation due to excessive money printing; but more on that another time. The long and short of it all is this: YOUR MONEY WILL continue to BUY LESS as the years go by.

A quick 100-year calculation using the Bank of Canada (BoC) inflation calculator showed the cost of a fixed “basket” of consumer purchases in 1915 was $100.00. At the end of 2015 that cost was $2,083.61. More recently, over the last 10 years prices have gone up 18.01%. Has your income gone up by the same or greater?

The answer is probably, No.

Whether you’re a six-figure earner or you make 30k a year, your “money” is losing buying power. There are a lot of ways that you can protect your money from devaluation but we’ll discuss two common options people take.

One option is the stock market; put a lump of your savings into a portfolio and see what happens. Sounds like gambling to me. But if you’re prepared to leave your finances up to other factors (and people) other than your own due diligence, then putting your money into stocks may be a good fit for you under the following two conditions:

You have the stomach for volatility and, Your primary objective is to see a substantial return in a short period of time…hopefully.

Another option, and this tends to be the easiest and most selected, is to open a bank savings account. No hassle involved; just open the account, decide how much you want to save and how often, put it on auto-pilot and watch your savings grow.


In today’s economy, bank savings accounts are not a viable savings vehicle. Most of the interest rates offered are earning below inflation rates. The sad reality is many savers make a future withdrawal only to realize that thy have lost money on an after-inflation basis.

So, what do you do if you’re not a savvy investor?

Buy financial insurance.

We have insurance for almost every aspect of our lives yet insurance is something many of us hopes we never need to use.

Buying financial insurance in Canada, or anywhere else for that matter, is putting your money into a vehicle that is protected long-term from the ups and downs of the volatile economy.

Buying financial insurance preserves your buying power and provides a hedge against inflation.

The global economy is changing but the only economy that should matter to you is yours.

Universal Life Insurance

Universal Life InsuranceAs providers of insurance and financial services, the experts at World Financial Group must often explain different types of life insurance to current and potential clients so those clients can determine what options are best for them and their families. One type of life insurance that people often have misconceptions about is indexed universal life insurance. Although it is similar to traditional universal life insurance, there are some important differences that insurance purchasers must understand in order to make the best decisions regarding this financial product.

What is Indexed Universal Life Insurance?

While it is a type of universal life insurance, there are some notable differences between indexed universal life insurance and its more traditional counterpart. For starters, indexed universal life insurance comes in different forms than traditional universal life insurance. Universal policies typically offer a choice between variable rates or fixed rates, giving buyers a range of options to choose how much they want to (or are able to) invest in their policy. Indexed universal policies, on the other hand, allow buyers to put funds into equity-indexed accounts, fixed accounts or both. Policyholders can choose from indexes such as the Nasdaq 100, S&P 500 or other popular indexes.

What are the benefits of an Indexed Universal Life Insurance policy?

When clients of World Financial Group or other insurance and financial services companies choose an indexed policy, they have more say in how much of their money they wish to distribute to different accounts. Policyholders can put different percentages of their total investment into different indexed portions, which provides a wide range of investment possibilities. Indexed universal life insurance policies also usually come with a guarantee that the principle amount in the indexed portions of the policy will remain intact, although these policies also typically have a cap on the returns that one can receive from those accounts.

Indexed policies are like a fusion of traditional universal life insurance policies and other types of financial products. Because of this, they are often much more affordable than traditional universal life insurance policies. Although indexed universal policies don’t have the intense management and potential returns of traditional universal policies, they are safer than most forms of variable life insurance. Many of the clients who come to World Financial Group appreciate this. They are often on a budget and have a family to worry about, so they prefer the reduced risk of this type of policy.

Life Insurance Plans for Canadians

Life Insurance Plans for CanadiansGetting joint life insurance can be an easy way to save cost on your total insurance premiums. A joint insurance plan covers two or more people’s lives with only one death benefit payout. Depending on how you set up the insurance you could save anywhere from 15% to over 50% in your monthly or annual insurance premiums.

Before you decide that getting a joint life insurance policy is right for you, this article will explore the pros and cons of buying group insurance. Also discussed here will be the most common uses for the two types of joint life insurance: Joint first-to-Die and Joint Last-to-Die policies.
The Advantages of Buying a Joint Life Insurance Policy

  • Premium savings on a joint policy

If you buy a joint life insurance policy, the insurance company is only liable to pay out one death benefit, even if it is insuring two or more lives. The single payout does reduce the cost considerably on some policies, and can save you a lot of money over the many years you will pay the premium on a life insurance contract. Here is how an insurance company calculates the rates for a joint life insurance plan: A) If it is joint first-to-die life insurance, they will combine the two lives (typically a husband and wife) and come up with one older male client. If the couple were 35 and 33 respectively, the joint policy would be like buying a life insurance contract for a 40 year old man. B) If it is a joint last-to-die policy, the age calculation is for a younger man. Let’s take a husband and wife aged 55 and 54, the joint age would be like buying a policy on a 42 year old man. As you can see, the joint last to die would mean a big savings in premium because the joint age is so much less than the current age of the couple, meaning a much reduced premium cost.

  • Survivor’s right to buy insurance without medical evidence

If one person in a joint life insurance contract dies, the death benefit is paid to the survivor, and then the contract ends. So what about the survivor? Do they still need to keep a life insurance contract? And if so, they are much older now and might have some health conditions making it harder to qualify for life insurance. The good news is that the survivor under these policies has the right to buy their own insurance contract equal to the face amount of life insurance they used to own in the joint policy, without providing medical evidence to qualify for the insurance. Most insurance companies allow you to make this purchase within 30 days of the joint policy being paid out, while a few others are allowing this purchase for 60 days from the end of the joint contract.

  • Double payout for a “common disaster”

A common disaster is insurance industry terminology for both people who are insured under a joint life insurance contract dying within a very short time of one another or from the same event, like a car accident. If both people on the contract died together, or one died shortly after the other, the insurance company assumes that one of the two would have exercised their right to buy an equal amount of life insurance had they lived. Therefore, the insurance company pays out double the original death benefit to the beneficiaries

The Disadvantages of Buying a Joint Life Insurance Policy

  • Marriage or partnership breakdown can carve up a policy

When a married couple or business partnership purchases a joint life insurance policy for risk protection needs, there is a major problem if the union is dissolved. For most insurance companies, the joint life insurance policy will need to be divided between the two parties (ex-spouses). Each can keep half the insurance, but the full amount of coverage they had before is not given to each person. The cost will go up for having two separate policies vs. a joint policy, and if they need to top up their life insurance individually, they will need to qualify medically for additional coverage, plus pay the higher premium as a now older person for the top-up amount.

  • Premium savings on joint first-to-die can be minimal

One of the biggest reasons people buy joint first-to-die life insurance is to save premium vs. two separate policies. Very often the cost of two separate policies can be very close to the cost of a joint first-to-die plan. If the additional cost is only around 10% higher, you can easily be justify the expense by knowing each person has their individual life insurance plan which they own, and will continue on, uninterrupted, if their partner were to die. No reissue of a new policy at older ages, paying higher premiums. No division of the policy in a marriage break-down. Much cleaner and more flexible when unfortunate events happen.

  • No flexibility in coverage amounts with joint life insurance

Very often the amount of total life insurance needed for each person, like a husband and wife, is not the same. If one person is a higher income earner, they will probably need much more life insurance. With a joint policy, both people must have exactly the same amount of coverage. This results in the higher amount of need being the default amount of insurance for the other partner/spouse. If this insurance contract was broken up into two separate policies, and the correct amount of insurance is bought on each person, the total premium could be much less than a joint life insurance plan which is over-insuring one person.

Common Uses of Joint First-to-Die Life Insurance

Most commonly joint first-to-die life insurance is for pure risk protection of a married couple or business partnership. The most common type of insurance is term life insurance for immediate risk protection, vs. long-term estate or investment planning. Once the term need is over, like paying off the mortgage or raising children, the life insurance will probably be dropped. It is not very common for permanent joint first-to-dielife insurance policies to be sold, as the long-term purpose for permanent life insurance is for creating equity as well as immediate risk protection. Usually couples or business partners buy separate policies so each person controls their own cash values and can ultimately accumulate more long-term growth.

Common Uses of joint Last-to-Die Life Insurance

Joint last-to-die life insurance is almost exclusively used for estate planning needs. It generates a large amount of tax free cash at the passing of the last person. In a marriage relationship, the spousal role-over clause in the tax act allows for all capital gains and taxable assets to pass to the surviving spouse and remain tax sheltered until his/her death. Upon the final death, the entire estate and all taxable assets are assessed by the Canadian Revenue Agency (CRA). In order to preserve the estate and possibly create a legacy for the next generation or used for charitable giving, joint last-to-die life insurance is a very useful and cost effective way to provide large amounts of cash flow for the estate. When comparing cost vs. benefit, a joint last-to-die policy can give you the highest guaranteed rate of return for your money in Canada today. The only thing is the payout is not for you – it is for your beneficiaries and your estate.

Life Insurance Plan UK

Life Insurance Plan UKIf you are an in charge person, care for your partner and children and some other dependents you have in your family, you will absolutely would like them to be economically . When you have all your strategy put in place, you require being approximately to employ them and in the event that you are not your dear ones, your family member should not be gone high and desiccated. So if there is one thing you can protect yours and their prospect with, then it is the life insurance straight. Life insurance is the most significant economic instrument you can obtain – it is an investments account, it is an investment choice and it provides protection to all.

Yet life insurance is a severe worry essential of your busy time. Given an unlucky situation, absent just this one characteristic of what’s other solid financial plan can put in economic disorder up to the existence of your survivors. Life insurance London a team of specialized Insurance agent UK. You will get Bright life cover, baby plan, pension plan, investments plan and more plan for your require.

The preponderance of us regard as daily life insurance UK policies as finish look after – cash remunerated out for the life insurer. Our everyday life insurance coverage programs reason to watch you and those adjoining to you for myself. Evaluate Greatest Offer survival insurance strategy from all the maximum daily life insurance business within the British Isles at come out and place the maximum lifestyle insurance policies prices accessible to acquire a top quality.

Insurance Agents are furthermore called Insurance Sales Agents or Insurance Brokers. Such persons obtain up advertising of Insurance policies as a profession. Their occupation portfolio consists of serving potential insurance buyer to select a suitable policy diagram base on their economic requirements. The kind of insurance customers comprise persons, families or businesses.

Insurance Agents might also work separately as an Independent Insurance Agent or be working wholly by an Insurance supplier as a confined Agent. They could concentrate in the sales of an exacting financial product or an extensive variety of products. Captive Agents are allowable to sell insurance harvest of their company only.

The type of strategy plan and life Insurance Agent UK sells could comprise insurance for possessions, victim, Life, Health, Disability and lasting care. Numerous Insurance Agents also sell communal Funds, variable annuity and other securities.

Life insurance agents London could as well be set up publicity extra financial packages such as variable annuities, communal finances and original securities. The opportunity is unbounded and sky is the utmost. The earning probable vary from one reason to one more agent. The additional the agent sells, the further that life insurance agent will obtain. An agent has to be aware of the marketplace situation very well and he or she should be clever to guide the client suitably.

Juvenile Life Insurance

Juvenile Life InsuranceJuvenile life insurance is a flexible financial product that insures the life of a child. It is favored by financial professionals for its unique tax and growth features and it provides cash value accumulation, tax-advantaged growth and guaranteed insurance for life.

  • Cash Value Accumulation

The cash value of whole juvenile life insurance increases by a minimum guaranteed interest rate, plus a non-guaranteed dividend declared annually by the insurance company.

In indexed juvenile life insurance policies, cash value increases are linked to equity indexes with downside protection and non-guaranteed elements that can provide additional growth. Some policies provide for both equity participation and a minimum growth guarantee

Juvenile life insurance is typically funded early in a child’s life, enabling the significant cash value buildup of a policy. With careful planning, by maximizing the allocation of each annual contribution to cash value and minimizing the portion allocated to a death benefit (a circumstance highly unlikely during the first several decades of the policy), the owner is able to leverage the tax-deferred savings of a juvenile life insurance policy.

  • Access to Cash Value

The cash value of a whole or indexed life insurance policy can be withdrawn or received as a guaranteed loan at any time, without a credit check, lengthy application process or lender approval. A policy owner will typically receive the withdrawal or loan amount requested in less than a week, providing an easily accessible source of funds. The policy owner has unrestricted access to the cash value of a juvenile life insurance policy, regardless of the age of the insured, or intended purpose of the funds. If the policy is held in a trust, the accessible cash value can be requested and distributed for any purpose permitted by the trust.

  • Tax Advantages

Juvenile life insurance offers several important tax advantages. The interest and dividend growth of the cash value of the policy is tax-deferred. Only withdrawals that exceed cumulative premium paid are treated as income for tax purposes. A policy owner is able to borrow money from the policy up to the accumulated cash value without any tax consequences as long as the policy remains in force.

A parent or grandparent may use the gift tax exclusion amount (currently $13,000 per donor, per year to any number of recipients) to pay the annual premium on behalf of their child or grandchild.

The eventual death benefit is received by a beneficiary tax-free. If the policy is owned by a trust, the funds are not included in the estate of the deceased for tax purposes.

  • Insurability

Juvenile life insurance secures affordable lifelong insurance coverage regardless of the future health of the child or adverse family medical history.

Juvenile life insurance is generally issued based on a current or recent medical exam. Unlike the medical exam requirement for an adult requesting insurance coverage, a juvenile life insurance policy generally requires only age, sex, height, weight and general health information provided by a doctor or insurance agent.

  • Lower Costs

There is a lower cost of insurance associated with insuring the life of a minor, which allows for a smaller annual premium compared to similar insurance coverage for an adult. In a whole juvenile life insurance policy, the annual premium is guaranteed to never increase, regardless of any changes to the health of the insured.

  • College Savings With a Lifetime of Benefits

Juvenile life insurance is a tax-efficient, secure, growth-guaranteed college savings vehicle.

Unlike traditional college savings accounts and 529 plans, the cash value of a juvenile life insurance policy is excluded from most need-based financial aid calculations.

Life insurance is a stable and well-established tool for lifetime tax-advantaged savings and can be used for purposes other than college education.

  • Estate Planning/Legacy

Estate planning professionals recommend juvenile life insurance for parents or grandparents who seek to maximize the tax-efficient transfer of wealth and leave a substantial legacy for future generations.

  • Privacy

Policy ownership may be transferred to a child any time after he or she reaches the age of majority, although the policy owner is under no obligation to do so. The policy owner can chose when the child will learn of the policy, access its cash value, or take ownership. There is no requirement to disclose the existence of the policy to the insured or any other family member.

  • Asset Protection

In most states, the cash value of a juvenile insurance policy enjoys broad protection from creditors and lawsuits. In a state that lacks asset protection provisions, the policy can be purchased by a trust domiciled in another state.

  • Flexibility

A well-structured juvenile life insurance policy will allow the parent to use the cash value of the policy to make future payments. Typically, after several years no further out-of-pocket contributions are required to maintain a policy. Additional annual contributions will result in greater cash value accumulation.

Erotic Vacation Travel Guide

Ever wanted to visit Italy? If so, let me be your Italy escort vacation travel guide. Italy is a stunning country, which extends into the Mediterranean Sea from Southern Europe. It is generally characterized by its stunning landscape of mountains, the Alps and the Apennines. The Alps create an amazing arch that extends from east to west in the northern portion of the country, with the Po River running along the foot. The Apennines is sometimes called the backbone of Italy. There are two main islands of Italy, and they are Sardegna and Sardinia and Sicilia and Sicily. If you look around, you can find erotic vacations. Italy also has other archipelagos, which include the Egadi Islands, the Pontine Islands, the Aeolian Islands, the Tremiti Islands and the Tuscan Archipelago.

When you are planning your Italian trip, you will be able to find accommodations that will suit any budget and any number of people. From youth hostels to exquisite private luxury villas, there is something for everyone, including escort vacations. Depending on where you stay and how much time you have, there are thousands of sites all across the country that will delight everyone that visits. Italy is synonymous with culture, history and art, with artistic wonderment everywhere you look.

Currently, Italy is the home to more UNESCO World Heritage Sites than any other country in the world. Tourists can come and explore the thousands of churches, forts and castles and private residences of both noble and ancient families. They can visit world-renowned museums, explore archaeological sites, or simply enjoy the life of culture, music and art that stimulate Italian living. Make sure to check the tourism of the local city along with fine women to enjoy your erotic vacation stay.

No matter what you choose to explore, you will definitely be enjoying classic Italian cuisine while you’re there. There is a plethora of food and wine itineraries that will lead even the most discriminating taste buds on a journey through time. From ancient recipes to innovative creations, Italy’s world renowned foods are sure to please. Wine tasting in Tuscany, delighting in Genoa pesto, sampling hams, cheeses and of course, pasta, you are sure to delight in this cultural feast.

From eating and drinking to religion and spirituality, Italy is world renowned for its food and its culture. They offer a wide variety of stay and escort vacation locations, from the rugged mountains full of sports adventures to the more serene atmosphere of Tuscany. Culture and entertainment abound everywhere you look. From mountains to beaches, art and culture to nature and wildlife, Italy has something for everyone, on any budget. Come, check us out, and book your Italy vacation today. It will be a vacation to remember for years to come.

The Average Price of Life Insurance

The Average Price of Life InsuranceLife assurance is risk coverage in the potential case of dying during a fixed time period. Insurance firms habitually use a person’s medical record and family medical record in checking eligibility for life insurance. It allows for a payment of an amount of money upon the death of the insured. Additionally, life insurance can be used as a way of investment or saving. What are the options and costs of involved?

Term life insurance is temporary protection. Term life assurance is uncomplicated. It may be employed to cover temporary demands such as debts and to supply extra security for the insured. Needs and obligations change throughout a person’s life. Term policies may be used to cover those needs when they are close at hand. Term assurance is generally low-priced. This can make it appropriate for folks with limited financial resources.

What is the general price of term life insurance? The answer may depend upon how healthy you are. The cheapest rates are assigned to the people with the best health. Furthermore, you pay a premium every month established by the length of the policy and the amount of coverage you select. You may choose term duration such as 10, 20 or 30 years.

The coverage you select may be from around 100,000 dollars to several million dollars. It is safer to compare quotes from different insurance firms in order to discover better premiums and prices. Many websites on the world wide web offer price quotes and other information free of charge. Look at more than just the premium when buying a policy. Consider the advantages and disadvantages of every policy.

Whole life assurance merges term insurance with an investment fund. This can make whole life insurance more expensive. You are not just paying for insurance but for an investment fund as well. This additional price tag may be ignored. However, these policies are normally not the best investment fund for your money. Whole life insurances barely generate a sensible return unless maintained for 20 years or more.

The rate of return on a whole life insurance policy is very modest compared to other investment funds, even after you have factored in the tax savings. The tax benefits and cash value may be viewed as an additional bonus.

Life insurance prices are estimates of the premiums you will pay for a life assurance policy with a specific insurance firm. Discovering low-priced life insurance does not have to be hard. You may find inexpensive life insurance rate quotes online from top companies. For example, a 25 year old male may receive coverage of around 500,000 dollars for a monthly premium of 25 dollars. The same male, if aged 50, may only receive coverage of around 100,000 dollars. A woman of who pays a monthly premium of 25 dollars may get life coverage of about 600,000 dollars at age 25 and 175,000 dollars at age 50. Therefore it is better to buy life assurance when you are younger.

You can talk to your life insurance agent to determine which insurance policy is better for your financial needs. This may help you to secure your financial future and minimize risk. Compare the average life insurance prices of different insurance companies and make an informed decision.

Life Insurance is a Great Investment Opportunity

Insurance is often the safe and most risk free approach to investment. Most people think they are sufficiently insured when they are not. Hardworking people spend a lifetime earning what they have. Our personal wealth is a coupling of family and our income early potential. Individuals which find themselves at the head of a household know the stress and pressure of having other depend upon them for their well being and income. Death often occurs unexpectedly and without notice. Especially true when accidents and sudden diseases are the source of death. It is important to make sure that you have enough insurance to cover your family’s expenses in the event that you are no longer able too. Have you thought about how your family will survive not just emotionally but financially without you?

Insurance can help preserve your families lifestyle and should be incorporated into any comprehensive financial investment plan. Most people avoid the issue of life insurance, thinking about one’s own death is never pleasant but having the peace of mind to know that your family is taken care of is well worth the effort. Life insurance is a low risk way to invest money overtime. Most people decide upon term life insurance because they do not realize there are other investment based life insurance policies available. Term life insurance only pays out one lump sum after your die. Financial experts believe that an individual should have a life insurance policy which is at least 10 times their annual income. If you are interested in purchasing insurance there are several online life insurance calculators which offer a fairly accurate life insurance analysis. The cost of insurance is based on the level of risk taken by the company which is giving the insurance. Factors which effect price are age, health, participation in hazardous leisure activities, or addictions. Life insurance can be taken out on just about anyone including the main provider of the family’s income, the homemaker, the stay at home parent, anyone with dependents, anyone who has significant debts or assets.

Speak with your financial advisor about including life insurance as part of your stock portfolio. Your advisor will you calculate exactly how much insurance you need for your particular situation. Life insurance can be taken up either inside or outside superannuation. Insurance within superannuation has the benefit of premiums being tax deductible. This is especially useful for anyone who is self employed or someone who has a spouse that has a low income. Purchasing coverage through a superannuation fund is a great way to save on life insurance premiums because it is not a separate insurance policy. Those who are self-employed can claim a tax deduction on their super contributions, regardless of whether the contribution is used to purchase investments or insurance. This tax saving option is ideal for those who have a young family and are seeking increased security and financial protection as the amount saved through deductions and rebates can be used to increase your level of insurance cover.

Life Insurance Modal Factors

If you look through a term life brochure, you’re likely to see the term modal factor. It’s one of those life insurance terms that is perplexing and sounds like it comes from a science fiction movie. It’s important to understand the term however since it can affect how much you pay for life insurance. Let’s take a quick look at modal factors.

Depending on the life insurance company, you typically have various options on how you can pay your life insurance premium and we’re not just talking about auto-deduction, credit card, or standard billing. You also have options on how often during a year you will pay your premium. When you run your term life insurance quote, the rates normally reflected there assume you are paying your premium on an annual basis. You may have options to pay the premium over shorter duration such as monthly, quarterly, bi-annually, etc. This is what dictates the modal factor.

The modal factor is usually a percentage. For example, it may look something like this:

Semi-annual = .51 (8.2% APR)

Quarterly = .26 (10.8% APR)

Monthly = .0875 (10.8% APR) Pre-arranged withdrawals only)

This essentially means that you will pay more per year if you pay at a smaller installment than annually. Let’s take an example. Let’s say your annual premium is $1000 (to make it easy). If you choose to pay semi-annually (every 6 months), then we would apply 51% of the $1000 annual charge. In this case, you would pay $510 twice during the year. This means you are paying a total of $1020 for the year for an additional premium of $20. This modal factor is essentially a 2% penalty for paying twice a year instead of annually. The penalty goes up for shorter duration. Taking our same example of $1000 annual premium, if we pay quarterly, then we would pay a 4% penalty (26%+26%+26%+26%). In this case, we are paying an additional $40 on the $1000 premium. The penalty for monthly is steeper. If we multiply the .0875 modal factor by 12, it amounts to a 5% extra premium. That means, we are paying $1050 versus the annual premium of $1000. Of course these shorter duration are not only easier on the pocketbook but can be more convenient when paid with automatic withdrawals or credit card debits. Why do you have to pay more via these modal factors for life insurance?

Keep in mind that life insurance is a pre-paid policy which means you are paying now for the next year (or quarter or 6 month depending on payment schedule). A big part of how a life insurance company functions is to take the premium now and invest part of it to offset future claim payments. The modal factors simply reflect the loss of income from investment that the carrier forgoes by premium not being received. For example, if you pay $1000 up front, the carrier can invest part of this to make an additional 4% conservative. If you pay twice a year, the carrier can only invest $500 for the first 6 months. To offset the 6 months investment income on the second payment, they charge you the modal factor. The monthly payment cycle means that they can only invest 1/12th of the premium amount for the first months and 2/12ths in month 2 etc. This figures into the 5% penalty in our example above.

Ultimately, it’s up to you and your comfort level. If you can financially manage it, you will pay less by paying the annual amount. You need to weigh this savings versus the convenience and budgeting ease of paying smaller amounts more frequently.

Choosing Affordable Life Insurance


Life insurance policy is a contract between the life insurance company and the policy holder that pays out a sum of money either on the death of the insured person or after a set period. Life insurance provides you and your family the financial security and certainty to deal with the after effects of any unforeseen or unfortunate event. There are generally two options of life insurance



Term life insurance

You pay a premium every month, quarterly or half-yearly for the period of time you wish to be covered, and if you don’t use the insurance in that time period, there will be no pay out. In other words no accident- no benefit. Term insurance is generally cheaper because the coverage is only provided for a specific period of time. In most cases, the insurance company will never pay out because you will outlive the term and the policy will expire.

Whole life insurance

This is a policy that remains in force for the insured’s whole life. In this case either you or your survivors are guaranteed to receive a pay out from the insurance as long as your premium payments are regular.

When you’ve got a spouse or kids, you need to make sure they’ll be financially secure if you’re not around — without diverting too much money from other goals like retirement or college savings, finding a cheap life insurance policy that offers the right amount of coverage is a main concern of any first-time buyer. For either term or whole life, the following factors can impact how much you pay:

Overall health
Family history


It is time- consuming, however with the help of online insurance quote tool, you will be able to get quotes from reputable insurers at one time and choose the best option.


Add-ons include the option to purchase child policies or more insurance at a future date without going through the medical exam process again. Term conversion is another rider that gives you the option to convert your term policy to a permanent (whole life) policy. There is no one-size-fits-all method to buying life insurance, but having as few riders as possible will keep your rates low.


One- company local agent usually represents the interest of their own company, hence it is better to avoid them and seek the help of a financial advisor who could guide you in purchasing the policy that suits you.


It’s always best to buy life insurance when you are young as this usually means lower rates because the person being insured is young and healthy. Although the need for the benefits may seem far off, it is still beneficial.


You could use life insurance calculator online to determine the coverage- premium ratio depending on the type of coverage required at different stages.