What is Affordable Life Insurance?

Everyone would like to insure themselves so that in case something untoward happens to them, their dependent kith and kin are taken care of. However while choosing such a policy, one must study carefully the pros and cons of the various policies available in the market and choose the most affordable life insurance which is also good value for money. In Canada, a policy buyer can select from the most popular ones like term life insurance or whole life insurance or universal life, depending on his specific needs, after considering his finances, affordability and his family situation like existing mortgages other special circumstances. A thorough research is very essential before choosing a policy as it is the only way to ensure your family’s needs are provided for if and when something happens to you. Similarly for auto or medical or theft insurance too, one has to peruse various options and then select a policy.

First and foremost decide on the kind or premium you can pay comfortably per month without difficulty. Then go for a policy that is offers the maximum coverage for that premium. This can be crucial in times of emergencies as you may need the policy amount to carry on. It makes no sense to opt for a policy with very high premium and then get into financial difficulties or defaulting on the premium payment. Hence the need for a comprehensive study of the available policies and select the most affordable life insurance. Make a list of items that you would like to be covered by your policy, carefully balancing the items to be covered and the premium amount.

There are companies that provide insurance against unemployment, disability, accidents allied to life insurance. So shop around and do the research and then decide. It is better to opt for a whole life insurance policy early in your career as this will keep your premium very low. Canadians also have the option of buying mortgage life insurance as a way of transferring wealth from one generation to the next, without incurring heavy estate duty. In this information age, all required data to make an informed decision on the best coverage at the best premium is just a click away.

The thumb rule to remember is for whole life insurance start early and the premium is low and steady. For term life insurance, the premium is low as the only eventuality covered is death of the policy holder. Though if you want to extend the policy after the term ends, the premium will be higher as the insured is older. So generally an early purchase of the whole life insurance is the most affordable like insurance policy. However the premium is payable monthly for the term life insurance and so it is less taxing for some people who may find it difficult to layout a huge amount as in the case of whole life insurance. Take the time to consider all options and then decide as this is for your family.

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