When you think about money planning, the first term that comes to mind isn’t insurance. Most brokers and financial advisors advocate life insurance as a diversified portfolio approach. However, having the appropriate insurance coverage is one of your financial portfolio’s mainstays. What makes coverage vital, and why shouldn’t it be part of your financial plans?
Knowing the Value of Covering
Life insurance protects your loved ones and family members when an unexpected death occurs. Your family members can get paid a lump sum if you have the coverage. Depending on the range you select, you will receive a certain amount. The money could use to cover your mortgage, fund your children’s education, or care for your spouse when they retire. Even the most solid investment or financial plan can often ruin if you lose loved ones. It is why most people consider acquiring an insurance policy for life when they are married and start a family.
Significant Life Events Make the Need for Covering All the More Crucial
Life-changing events can be important reasons to purchase insurance if you’ve been through or are likely to experience significant life transitions. Such as being married, beginning an extended family, or buying the first home of your own, it gets recommended to consider getting insurance. In addition, more than ever, people are considering life insurance as a form of investment, not just a cost. The products are guaranteed not to depreciate, and their values won’t change as frequently as other investments. It’s, therefore, not just an investment that is smart but also a safe one.
What Can Life Insurance Options Work into Your Retirement?
Another reason to invest in life insurance includes how it will work for your retirement. Suppose you pass away unexpectedly and rely on your earned pension. In that case, your dependent spouse could receive only a tiny portion of it. It could come as an unwelcome surprise. However, annuities aren’t guaranteed to be complete. Therefore, if you’ve got an existing pension, ensure you look over it and know the amount assured for your spouse. If your retirement cannot transfer fully towards them, you could not have enough money to live comfortably in retirement.
Nothing is worse than financial stress in any season, but it can be challenging and taxing in retirement. A life insurance policy can be a fantastic way to complement your other investment options.
Are you prepared to invest and ensure your loved ones by securing them with insurance? Speak with a certified insurance advisor at Ottawa Life Insurance to learn about life insurance. They’ll help you decide on the right amount of coverage for you and get your application processed in a short time.
For information or a quick quote for Ottawa Life Insurance, call (613) 454-1424 or email info@ottawa-lifeinsurance.ca.
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