South Surrey Life Insurance
Protection For Your South Surrey Life Insurance
For many, purchasing life insurance can feel like a daunting and complex process, and it’s completely normal to feel a bit overwhelmed when making such an important decision. Life insurance is more than just a policy—it’s a commitment to protecting your family or business. Taking the time to determine how much coverage you need and which policy is the best fit for your unique situation is essential.
Life insurance options in British Columbia can vary widely, covering a range of scenarios that may or may not align with your needs. That’s why it’s crucial to work with someone who has in-depth knowledge of life insurance in BC. A skilled insurance advisor can guide you through the process, helping you understand your options and determine the right amount of coverage for your circumstances. It’s also worth noting that purchasing life insurance after the age of 50 can influence your policy, so it’s important to plan accordingly.
With the right guidance, securing life insurance doesn’t have to be overwhelming. Take the first step toward protecting your future by consulting with an experienced advisor who can simplify the process and ensure you make the best choice for your family or business.
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.
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 South Surrey and White Rock Life insurance needs.
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South Surrey Life Insurance FAQ
How Long Do I Need to Pay for Life Insurance?
Collision covers damage to your vehicle if you are in an at fault accident. Collision also helps pay for towing and storage (If necessary) even if the crash is your fault. Collision is an optional additional coverage with ICBC.
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
