Life insurance is designed to help safeguard the income loss that your family and loved ones would endure in the event that you unexpectedly passed away. After you are gone, the beneficiary you outline in your life insurance contract is financially compensated.
Retirement Planning in Grande Prairie, AB and MoreThe goal of life insurance is to provide your family with a measure of financial security after you die. There are many different types of life insurance policies, with varying levels of risk and stability.
Whole-life policies are a primary type of life insurance. As a type of permanent insurance, a whole-life policy combines an investment fund with life coverage and will pay a fixed amount of income upon your death.
A second type of life insurance , universal life, is also a form of permanent insurance. However, unlike a whole-life policy, a universal life policy is structured like a market-type investment and guarantees no specific payout rate upon the policy holders’ death.
Another form of life insurance is term life insurance. Much like standard forms of insurance, a term life insurance policy is a straightforward insurance plan with no investment component. Premiums for these plans are extremely cheap for younger people, and they increase in price with age.
Before choosing a life insurance policy, you should consider your unique financial situation and the effect it has on your friends and family. For example, will your family be able to maintain their lifestyle after you die? Who will pay for your funeral costs? Will your family have to relocate after you are gone? These questions will help you determine which form of life insurance policy is the most suitable for you. Rubbix Risk & Wealth Management Inc. can provide you with all the assistance you need.
With over thirty years of experience with life insurance in Grande Prairie, AB, we will offer you disability insurance, life savings, and life investments services to help you select the most beneficial life insurance policy for you and your family.
Stop by our office today and speak with us in depth about the many different forms of life insurance.