Life insurance options
Better understand your life insurance options
Life insurance is an integral part of any good financial plan. Just as you do with your investments, it makes sense to analyze needs at death in order to determine what dispositions are necessary to protect your estate and to review them from time to time, to see if the measures already taken still respond to your needs.
Life insurance exists because you have loved ones and want to take the steps necessary to protect them if you should die.
Principal needs:
- Income replacement in case of the death of you or your spouse
- Reimbursement of debts (such as a mortgage) upon death
- Settlement of final costs
- Payment of income taxes due on death
- Constitution of a patrimony
- Preservation of a patrimony
- Maximization of a patrimony
- Balance an estate
- Donation to charity
Who should purchase a term life insurance policy?
People who are looking for:
- Coverage for a specific term (10, 15, 20, 25 or 30 years or until age 65)
- Reimbursement of their mortgage loan
- Reimbursement of their debts
- Income replacement
- Any other temporary protection.
Who should purchase whole life insurance ?
People who are looking for:
- Protection in force their whole life
- Constitution of a patrimony, its preservation or increase or equalization of legacies
- An opportunity to accumulate investment capital
- Maximizing a retirement or insurance income from an amount invested in an annuity
- Constitution of a donation to a charity
- Any permanent protection
