Life Insurance

Gives you peace of mind while you are alive and financial support for your loved ones when you're gone.

Why Life Insurance?

Life insurance is something you should have if there are people in your life depending on you financially. And purchasing a policy sooner, rather than later, will give you more options and flexibility, and improve your future financial security. The death benefit from a life insurance policy can provide financial security, but what should it be used for? Common uses for life insurance include:

Income replacement – Continue to pay the mortgage, outstanding bills and debt, and maintain your family’s lifestyle.
Children’s education – Help ensure your children don’t have to struggle to afford higher education.
Final expenses – Ensure your family can pay medical bills and funeral expenses.
Wealth transfer – A tax-efficient way to transfer financial assets to your heirs.
Leaving a legacy – A financial gift to a spouse, children, grandchildren, or an organization, charity, or cause.

Consider the Facts

Life insurance is not a one size fits all strategy. As you go through life, your obligations, plans, and needs change. Where you are in life and key life events are the most important factors in determining when to buy life insurance.

When do I need to consider life insurance?

Early on in your career, you may be asking yourself why do you need life insurance if you don’t have a family or dependents? Just because you don’t have dependents doesn’t mean you don’t have other obligations and considerations.

If your parents supported you by cosigning for student loans, a car, or credit cards, those debts could fall on them.
If you’re living with a partner and sharing bills, you probably don’t want to constrain that person with higher financial obligations while they’re grieving your loss.
When you’re young and healthy, life insurance can be more affordable, and it's more likely that you will qualify for it.

As you get older, your life changes. You may have a house and young children at this point, or you’re thinking about starting a family. You may have also started a new higher paying job by now. The need for life insurance is clear: if something happens to you, you want to feel confident that your family will be taken care of financially. That typically means:

Paying off the mortgage and other debt
Replacing lost income
Saving for kids' education
Saving for the unexpected

Many people in or nearing retirement may be unsure as to whether life insurance is necessary, especially if you now have kids who are grown and no longer depend on you for financial support. You might be divorced. Your peak earning years may be in the past, and your career is winding down. You may even be coming into an inheritance. Depending on your specific situation, your needs could vary considerably. At this point in your life, you should be thinking about answering the following:

Do you have a mortgage that needs to be paid off?
Will your spouse/partner be able to get by on their own income?
Do you still need to help ensure that your spouse/partner has enough to live on in retirement?
Do you have a family business that you would like to see continue after you die?
Is your family ready financially to pay for funeral costs?
Do you want to leave those expenses on them?
Do you want to leave a legacy for loved ones or a charity?

Protect your family with life insurance solutions for your mortgage. When you become a homeowner, purchasing life insurance is a way to help protect your family and ensure that your loved ones will be able to stay in the home if anything unexpected were to happen to you.

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Life insurance is important for newly married people as it helps provide financial stability and support to a spouse, especially in the event of the primary breadwinner’s death.

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One of the most important things parents can do to protect their children’s futures is to purchase life insurance. If you pass away suddenly, life insurance helps to give your children financial protection.

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