What’s the need to have your life insured?
Life is becoming more and more unpredictable these days. Due to the global war against terrorism many people are losing their lives on a daily basis. In such a situation, getting your lives insured in order to protect the future of your loved ones is becoming a dire need. But here another issue that rises is the financial aspect or you could say the financial burden one has to face.
If you are facing the doubts that whether you should invest into a life insurance policy or not, then first of all you should definitely understand that life insurance policy would be a perfect investment for the care of your loved ones. If anything happens to you then your loved ones won’t have to face tough financial times. But only if you make the right choice while selecting the life insurance company and life insurance plan. Technological advancements have ensured that you could easily get online life insurance quotes whether you are searching for term life insurance quotes or searching for the quotes of whole life insurance.
Types of life insurance:
Wherever you go, you are going to find two different types of life insurance.
- Term life insurance
- Whole life insurance
Term life insurance is recognized as the insurance that is done for a term of few years. Most of the companies that offer term life insurance have insurance plans that range from 5 years to 20 years. You have to pay the premium on a monthly or quarterly basis, while the whole life consists of the duration of your remaining life. The whole life insurance covers all of your life.
Difference between term life and whole life:
If you are having a hard time deciding between the term life insurance and whole life insurance then at first you ought to understand the difference between these two. Term life is available for a term of few years i.e. if you opt for a twenty years term insurance then your policy would expire at the end of this period. Term insurance means that your life would remain insured during these 20 years. If you keep on paying the premium during these twenty years and if you die during these twenty years then the company would pay the whole amount to your beneficiaries. But if you don’t then the term for your life insurance would expire after 20 years.
If you are wondering about whole life insurance then you ought to bear it in mind that whole life insurance is probably 50 times more expensive then term life insurance as it offers more benefits. Whole life insurance offers you the protection for your whole life. The benefits and premium of whole life insurance are much greater then term life insurance. If you are wondering how much expensive could it be then all you have to do is to log on the website of a life insurance company in order to get whole life insurance quotes. And if you are seriously planning on purchasing a whole life insurance policy then we would recommend you to get quotes from four or five different companies. Do keep it in mind that the quotes of each life insurance plan differ according to the age and physical conditions of the client.
Whole life insurance is expensive:
When you get the quote of whole life and you compare it with the quotes of term life then don’t be shocked at the great difference between the values of both policies. It is a common understanding that whole life insurance is bound to be expensive. Most of the people when contact any insurance agent, ask almost the same question that why the costs of whole life insurance are extremely higher then term life insurance? Well the answer to this question is very simple; as the insurance companies know that they would have to pay the whole insurance amount to the beneficiaries when their client would die so they charge higher premiums. Secondly, the amounts invested in the whole life insurance policies have a percentage of savings including tax. Well still if you are truly confused about opting for which of them then all you have to do is to get a quote for whole life and compare it with term life insurance quotes so you could get a definite idea that which type of life insurance falls under your budget.
If you are confused about which company website to approach in order to get a quote. Well for the starters you need to find out the rating list of all the life insurance companies of Canada. Select the top four or five companies from the list because you will have to compare the quotes of four or five different companies in order to reach the best option. If you are going for the cheapest option then you should at first consider the benefits of that policy with other options, because sometimes the benefits of a little costly policy out-weigh the benefits of the cheapest policy. Four or five different term life insurance quotes Canada are going to provide you a great ground to select the suitable policy for yourself.
Term life offered in Canada:
If you are searching for a term-life policy in Canada then Sun Life Financial would prove an excellent insurance company for you. It offers two types of term life insurance plans.
- Joint term life plan
- Term life plan
Term plan is the simple life insurance plan available for a limited time period. While joint term life plan is the life insurance plan that involves two of the people who are going to share this insurance policy.
The insurance agents of Sun Life Financial will provide you a complete guidance on each and every issue regarding the term-life insurance policy. If you are worried about your premium rates then shed all worries because the rates of your term life policy will never increase in any case.
If you want a different sort of term life plan then you could always do further online search about life insurance companies and find out term life insurance quotes Canada from the website that suits your conditions.