Reasons why having a life insurance in Kitchener is good for you

 Everyone knows why life insurance is important, but many of us choose to ignore the reality of what would happen if we were to die suddenly without the proper protection. The results could be devastating for your surviving family members, leaving them with a large bill for your final expenses, or even worse, loss of the family home because they can no longer cover the mortgage. If you don’t currently have a life insurance policy in Kitchener, you are not alone. According to Life Insurance Statistics and Facts, which is a report put out by the life insurance industry, about 43% of the population around the globe doesn’t own a life insurance policy in any amount.No one wants to think about death—for us or the ones we love. And a lot of people equate life insurance with death. Check out these great reasons to consider life insurance Kitchener. And it doesn’t have to break your budget while doing it.

1. It’s part of a sound financial plan.

Insufficient coverage has severe consequences for many families. Life insurance in Kitchener helps with planning for your loved ones’ long-term health and happiness. It can pay off any debts that you leave behind that would be a burden to your family. Debts such as a mortgage, credit cards, car loans and even your funeral expenses can have a dramatic impact on your family and their lifestyle. An insurance policy will ensure that your children can go to college, buy a home and even pay for their wedding if you die unexpectedly. It is an inexpensive way to give you and your family members peace of mind, knowing that they will be protected if something happens to you. You will no longer have to worry about their financial future and can rest easy knowing they will be able to continue their current lifestyle. If someone would suffer financially when you die, you need life insurance in Kitchener just like you need a savings or checking account

2. It’s not as expensive as you think.

Many consumers believe that life insurance is either too complicated or too expensive to consider. However Coverage is Affordable. One of the excuses people tend to make for not buying life insurance is the cost. But truthfully, coverage often ends up pretty affordable for most people. Term life tends to be less expensive than whole or universal life. Plus, the younger and healthier you are, the lower your premiums will be. Unless you smoke or have a preexisting health condition, you could find coverage for as little as $1 a day.

3. It can build cash value over time.

Permanent life insurance has a cash value or cash-surrender value, which means it can build cash value over time in addition to providing a death benefit to your beneficiaries. Just like most retirement and tuition savings plans, cash values can accumulate on a tax-deferred basis and be used in the future for any purpose you wish—a down payment on a home, college tuition or even income for your retirement. Cash value acts as an extra cushion that you can tap at any time. This may come in handy if you have a financial emergency down the road.

4. Life insurance can be more than just life insurance.

Riders to a life insurance contract or a specific kind of policy, can enhance coverage. For example, you could have a life insurance policy, sometimes called a hybrid policy, that includes a long-term care benefit to pay for long-term care services. If this is something you need down the line, you can take advantage of it, otherwise there is a death benefit for your beneficiary. There are a number of different riders available that can help you customize and boost your coverage.

5. It can help maximize your retirement.

If the financial obligations you had when you first purchased a permanent life insurance policy have ended, your policy can take on a new life and benefit your retirement. Permanent life insurance policies accumulate a cash value over the life of the policy that can be borrowed against tax-free. These policies can be used to supplement your retirement if your other investments fall short. These policies often come with fairly high fees, so be sure to compare the costs to those of other investment vehicles. Structured correctly, your policy can provide supplemental retirement income via policy loans and withdrawals or even options for long-term care benefits.Life insurance in Kitchener can also maximize a pension by supplementing a surviving spouse’s income. It can be established into a life insurance trust to allow you to pass on to your heirs outside of your estates.

6. Protect Your Business

 Regardless of whether you are using life insurance in Kitchener to insure a key employee, fund a buy/sell agreement or simply provide a tax-free cash infusion (borrowing against the cash value of a permanent policy), life insurance can be a major asset to your business in Kitchener.

7. Cover Burial Expenses

Sadly, even a basic funeral service can run upwards of several thousand dollars. While it’s possible to pre-pay for your funeral, people don’t often think that far ahead. Life insurance Kitchener can give you and your beneficiaries more of a guarantee.

Convinced that you need a life insurance policy in Kitchener? We can help you find a policy that fits your needs.