FAQ

Life insurance is a contract that guarantees a sum of money in the event of death or qualifying ailment of the insured in exchange for scheduled premiums.

Everyone. Life insurance is an important financial tool and everyone needs it, regardless of their life stage. For example, individuals may take out a policy to replace lost income in the event of death or disability, while families with children may opt for life insurance that covers funeral costs and college education expenses. Retirees can use life insurance to cover long-term care or leave a legacy for their heirs. 

The amount of life insurance you need depends on your individual circumstances. Factors to consider include your financial obligations and dependents, expected future costs such as college tuition, retirement savings goals, and inheritance planning. Taking stock of these items can help determine the best coverage amount for you. You can also consult an experienced financial advisor who can help you evaluate your needs and make an informed decision about the right level of life insurance coverage for you. Fill out our life insurance calcuator to find out exactly how much you need, by clicking here. 

The main benefit of having life insurance is financial security for your loved ones in case something happens to you. Adequate coverage can help maintain their standard of living if you are no longer able to provide for them yourself or help cover potential medical bills, funeral costs, lost wages from extended illness or disability income protection among other things. It can also be used as a savings tool where cash builds tax–free over time. Additionally, money can be withdrawn without penalty for any reason.

There are several types of life insurance, each with its own set of features and benefits. The most common types are term life insurance, permanent life insurance, and return of premium life insurance. Term life coverage provides protection for a specific period of time; permanent offers lifetime coverage with the possibility to build cash; return of premium gives you back all the money you paid into it, when it expires.