Determine Your Coverage Requirement

I suppose that you have already gained enough information about the basics of Life Insurance. If you are still a novice then I would highly recommend you to first learn the basics about life insurance and life insurance policies through our previous posts.

After you have gained enough knowledge about life insurance, you should next determine what exactly your life insurance requirements are. I know you are working hard and would like your family to enjoy the fruits of your hard work throughout their life. For that, you will have to decide-How much coverage you need?

Step 1: Choose Between Term and Permanent Life Insurance

While making a decision on coverage, you will have to first decide between the Term Life Insurance and Permanent Life Insurance. It depends upon your insurance needs. If you are planning to take lifetime insurance- Universal or Whole Life Insurance may be a perfect fit for you. If you need it for a specific time period- Term Life Insurance will be my answer for you.

It is essential to decide on the coverage period to make sure that people important for you are secured.

Term Life Insurance Coverage Features:

Suitable For People who look for income replacement protection during working years in order to help secure their dependents. Benefits are available to meet the requirements like expenses in the event of premature death
Time Periods available 10, 15 and 20 years
Available to Citizens of Canada, Ages 18-70 years
Premiums Determined by family medical history, life style and other factors
Payment options Monthly, Quarterly, semiannually, annually

 

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