A growing number of people recognize the importance of a life insurance policy. As life becomes more unpredictable by the day, every family needs a life insurance policy that will assist them financially when they lose a loved one.
While those benefits are true for all kinds of life insurance, some types and amounts of coverage offer additional benefits.
The following are the other benefits of life insurance you need to know. Check it out.
1. Financial protection
In the same way that car insurance protects an automobile in case of an accident or theft, life insurance offers financial protection in unforeseen circumstances with life. And this protection benefits the person who takes out the life insurance policy and their family. This is why life insurance is so important to good financial planning.
2. Peace of mind for the insured
Another advantage of life insurance is the peace of mind of knowing that your family will have financial support to recover without depending on third parties if any fatality occurs. Furthermore, the insured himself can count on indemnity if at some point in his life he finds himself disabled, either as a result of serious illnesses or due to accidents. This is undoubtedly the last thing anyone wants to think about. However, you will feel more comfortable when you know that you are fully protected by insurance.
3. Spouse protection
In general, couples share the fixed expenses. So, when one of them has an unforeseen event such as an illness or accident, the other’s income can be significantly compromised.
In addition, it may be necessary to resort to psychological support or hire someone to take care of the children in a delicate moment, which demands even more financial resources. There is no greater peace of mind than being sure that your loved one will not run out of financial resources at times like this. It’s comforting to know that the person you’ve dedicated your life to will be financially able to move forward with some peace of mind.
4. Cost-effective
Life insurance is usually an excellent cost-benefit, especially considering the number of benefits it provides.
For example, you can pay as low as $15.75 for $500,000 coverage with Policyme. PolicyMe is an online life insurance company that allows Canadians to buy term life insurance in minutes, 100% online, at the most affordable price. A fully underwritten term life policy from PolicyMe is fast, simple, and affordable. Therefore all the unnecessary bells and whistles are removed from the traditional life insurance process.
Generally, PolicyMe rates are approximately 10%-20% lower than those offered by other insurers in Canada. With their streamlined life insurance process, they were able to reduce the amount you pay for insurance.
PolicyMe’s plans are issued by Canadian Premier Life Insurance Company, one of Canada’s most reputable life insurance companies.
In conclusion
A life insurer typically charges less for life insurance when you provide more information about your health. The insurer may not asked any health questions when applying for life insurance. As a result, the monthly payment will often be higher compared to other life insurance products. Please consider applying for a product that asks about your health if you are in good health.