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Life

Protection for your Cloverdale Life Insurance

For many, buying life insurance is a tough and complicated process, and it’s okay to feel a bit overwhelmed when making the decision. There’s much more to consider than the simple purchase of a life insurance policy that will protect your family or business. You’ll likely need to take your time when considering how much life insurance is necessary for you and which policy is best for your family.

BC life insurance packages can cover many different scenarios that you may or may not be interested in, so it’s important to review your options carefully with someone who knows life insurance in British Columbia extensively. A good insurance advisor can also help you figure out how much life insurance you need. Purchasing life insurance when you’re over 50 will likely impact your policy as well.

Get Free Life Insurance Quote

 

Here are some of the options that AMC Insurance can discuss with you if you’re looking for a BC life insurance policy:
  • How long do you want to pay for your policy? With whole life insurance plans, you have the option of paying premiums until you’re 100 years old or paying for 20 years.
  • Whether you would like a juvenile policy
  • The addition of critical illness insurance and/or disability insurance
  • What a Guaranteed Cash Surrender Value (CSV) is and when it develops
  • Whether you need key person insurance if you own, or are heavily involved in, a business
  • The benefits of buy-sell protection (if a shareholder dies) with business life insurance
  • Advantages of buying mortgage protection through a life insurance company

Why You Should Buy Life Insurance

If you’re still on the fence about whether to buy life insurance at your current age (or whether to buy it at all), you’re not alone. We know it’s not an easy decision to decide when, or if, you need life insurance. However, you should consider the following benefits of purchasing a suitable life insurance policy sooner rather than later:

  • Life insurance eliminates the need for your loved ones to make difficult decisions about their finances and living situation at a time when they should be focused on grieving.
  • Your mortgage and necessary living expenses will continue to be paid off in a similar manner to how they’re currently paid
  • Buying a life insurance policy at a young age shows your partner and family that you’re committed to them and are thinking about their long-term future.
  • The older you get, the less affordable most life insurance policies become, particularly if you buy life insurance over 50. Also, if you wait until you’re older to purchase life insurance, you run the risk of developing health issues that may complicate the buying process and cause your rates to be even higher. However, if you buy life insurance at a young age, you will be locked into a very low rate.
  • Permanent life insurance policies help you build credit over time and buying a policy at a young age means it has more time to grow in value.
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Get Your FREE Insurance Quote Today!

To get your free insurance quote, contact us online or call us at 1-866-350-8555. We are here to help you with all of your Cloverdale Life insurance needs.

FAQ

How Long Do I Need to Pay for Life Insurance?

Depending on your policy type, you may pay insurance premiums for the rest of your life or a set period of time. Term policies only last a set period, such as 10, 20, or 30 years. On the other hand, whole life insurance plans may require you to pay premiums later into life to keep the value of your policy.

How Much Does Life Insurance Cost?

While holding a life insurance policy isn’t mandatory, it is a good idea if you have financial assets. Life insurance policies allow your family to maintain their current lifestyle in the unfortunate event of your passing. They can cover burial costs, mortgage payments, and other expenses while your family grieves your loss.

Do All Life Insurance Policies Come with Mortgage Protection?

No. Mortgage protection is typically offered as a separate policy. However, many insurance companies offer discounts for bundling policies. Talk to one of our friendly agents to find the best fit for your needs.

Mortgage Protection With Life Insurance Company Vs. Bank

Life Insurance Company

  • Protects your family
  • Controlled by you
  • Fully portable – transferable to any house
  • Fully portable – transferable to any house
  • Allows shopping for better interest rates when mortgage renews
  • Choice of life insurance plans and benefits
  • Choice of amount of life insurance coverage and face amount does not decrease as the mortgage is reduced
  • Coverage is convertible and renewable
  • Expert advice – You deal with a professional insurance adviser about life insurance and all insurance coverage can be through one broker

Bank (Mortgage Insurance)

  • Protects the bank
  • Controlled by the bank
  • Runs out when house is sold or traded
  • Inflexible – the mortgage must be paid off regardless of interest rates and other investment opportunities
  • No shopping – unless you are willing to pay higher premium and are insurable
  • Limited choices
  • Coverage must be equal to the mortgage amount and decreases as the mortgage is reduced (the premium does not!)
  • Non-convertible
  • A missed mortgage payment often means lost coverage

READY TO START? LET'S GET A QUOTE

All our agents are waiting and ready to assist you on our working hours

GET A FREE QUOTE

+1-866-350-8555

Call+1-866-350-8555

Our Vancouver office has moved to a new location at 593 W 57th Ave, Vancouver, BC V6P 1R8

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