Life Insurance

Why and When to Invest in Life Insurance

With changing lifestyles and increasing uncertainties, our needs are also changing. Life insurance can help you plan a financially secure future for your family. There is different coverage available that you can choose from depending upon your family’s lifestyle and priorities. We at Top Financial offer offers various types of life insurance coverage to meet the diverse needs and preferences of individuals. The premium you pay will depend on the coverage you want to buy. Apart from coverage, the cost you pay for will depend upon other factors I.e., age, sex, lifestyle, health condition and medical history. We have a team of life insurance brokers across Brampton, who will help you in getting the right life insurance product and make the most out of it. Get an instant life insurance quote.

Why Having Life Insurance Coverage is Important?

  • A financial back-up that can save your family from debts
  • A tax-free compensation given to your family after your death.
  • Help your loved ones in maintaining their lifestyle
  • Coverage for funeral expenses
  • it can act as capital for running your business even after your demise
  • You can leave a legacy behind you

You can buy life insurance individually or your employer can also buy it for you. Although the coverage offered by life insurance bought by your employer will be there till you have the job. There are various plans of life insurance that offer different types of coverage. But before deciding on the type of insurance, it is important to decide whether you need it or not. Get insurance from a life insurance broker in Brampton.

Question You Must Ask before making a Decision

  • Is your family financially dependent on you?
  • After your demise, will your family struggle financially?

If the answer for any of the questions is Yes, then you must consider purchasing Life Insurance coverage.

Do You Know?

  • It is always profitable to get life insurance at a young age. At this age, you are in better health, have fewer or no medical issues. You have more time for saving and earning compound interest along with lower cost of premium.
  • It is possible to make changes in the policy coverage depending upon your changing needs and lifestyle.

Different Types of Life Insurance Plans Available

  1. 1. Term Life Insurance:
  • More budget-friendly.
  • You can choose the time period of insurance.
  • Tax-free compensation in case of your demise.
  • Customization is possible depending on changing priorities.
  • Beneficial if you have short-term loans

Term life Insurance is one of the common life insurance bought across Canada. It provides coverage for a specific period, typically 10, 20, or 30 years. You can choose to suit your requirements. It offers a death benefit to beneficiaries if the insured passes away during the term. Top Financial’s Life Insurance agents are always available for your assistance. Connect with us for the best Term Life Insurance.

  1. 2. Permanent Life Insurance:
  • Provides coverage for a lifetime.
  • You can earn cash in the form of dividends.
  • The premium is fixed once you purchase the policy.
  • The premium for this type of policy is paid for a specific time period and coverage is for the entire life.
  • Changes in health conditions with time do not impact your policy coverage or premium.

Permanent life insurance also known as whole life insurance provides coverage for the entire lifetime of the insured. It combines a death benefit with a cash value component that grows over time. Top Financial has Brampton’s best life insurance broker and they help you make the right insurance choices.

  1. 3. Participating Life Insurance:
  • The coverage you get is lifetime.
  • It is possible to invest a part of what you pay as a premium and can earn as dividends.
  • The additional income earned will be tax-free.
  • The dividends earned can be cashed in or used to increase your policy coverage or for decreasing your yearly premium or you can earn interest within the plan.

Participating life insurance, commonly known as a dividend-paying policy, offers potential dividends to policyholders based on the insurance company’s financial performance. We have a team of the best life insurance experts to guide you. Call us anytime for assistance.

  1. 4. Universal Life Insurance:
  • Provide coverage lifelong.
  • Allows you to save, get tax-benefit along with getting coverage for life.
  • It is more flexible as compared to other life insurance plans.
  • You can schedule your premium payments which allows you to plan in advance and manage your finances strategically.
  • The amount the beneficiary will get in case of your death can be decided by you in advance.
  • You can earn tax-preferred interest

Universal life insurance is a flexible option that allows policyholders to adjust their premiums and death benefits throughout their life. It also accumulates a cash value, which can be invested.

These different types of life insurance in Canada enable individuals to choose coverage that aligns with their financial goals and protection needs. Top Financial is one of the best life insurance brokers across Brampton. Our team helps secure you and your family’s future and helps you build on your finances. With a strong business network, we can offer you the best possible coverage at an affordable premium.

Interested and Want to Know More?