New Westminster Life Insurance
Coverage for Your New Westminster Life Insurance
For many people, purchasing life insurance can be a challenging and complex task, and it’s normal to feel a bit overwhelmed by the decision. There’s more to consider beyond just buying a life insurance policy to protect your family or business. You’ll need to take your time to determine the amount of coverage you require and choose the best policy for your circumstances.
Life insurance packages in BC can address various scenarios, so it’s essential to review your options carefully with someone well-versed in life insurance in British Columbia. A knowledgeable insurance advisor can help you assess how much coverage you need. Additionally, buying life insurance when you’re over 50 may affect your policy.
These are some of the options AMC Insurance can go over with you if you're seeking a BC life insurance policy:
- How long do you prefer to pay for your policy? Whole life insurance offers the option to pay premiums until age 100 or for 20 years.
- If you are interested in a juvenile policy
- Including critical illness and/or disability insurance
- Understanding when and what a Guaranteed Cash Surrender Value (CSV) is
- If you require key person insurance as a business owner or key participant
- The benefits of buy-sell agreements with business life insurance if a shareholder passes away
- Advantages of obtaining mortgage protection via a life insurance provider
Reasons to Purchase Life Insurance
If you’re unsure about purchasing life insurance at your current age or at all, you’re not alone. We understand that deciding when or if you need life insurance isn’t easy. However, consider these advantages of getting a suitable policy sooner rather than later:
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- Life insurance spares your loved ones from making tough financial choices during a period when they should focus on grieving.
- Your mortgage and essential expenses will continue to be covered similarly to the way they are now.
- Purchasing life insurance when you’re young demonstrates to your partner and family that you’re committed to them and are considering their long-term future.
- As you age, most life insurance policies become less affordable, particularly if you buy after 50. Waiting until later can lead to health issues that complicate the buying process and increase your rates. Buying young secures you a low rate.
- Permanent life insurance policies build credit over time, and starting early allows them more time to grow in value.
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 New Westminster Life insurance needs.
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New Westminster Life Insurance FAQ
How Long Do I Need to Pay for Life Insurance?
How Much Does Life Insurance Cost?
Every policy is unique. Therefore, life insurance rates vary from one individual to the next. Premium rates depend on your policy type and additional factors such as age, health, and occupation. Talk to your insurance broker to find a policy that works well for your needs.
Do I Need Life Insurance?
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
