Life Insurance in Ontario – A New Year’s Resolution That Will Actually Stick!

With the holidays behind us, many of us want to start off the New Year with a fresh start. Your New Year's resolution may include planning to be healthier, perhaps by changing your diet or getting in shape. Or maybe your New Year’s resolution will include a plan to be more fiscally efficient by implementing a new budget and plan to save. Your New Year’s resolution could include making plans for your family’s future. 

One great way for Ontarians to plan for the future is by reviewing your current insurance coverage, including your life insurance – both to ensure that you have sufficient coverage and to even look for areas where you can save. As we navigate through life our insurance needs change. The type of life insurance that a young family needs is different than the type of life insurance a more mature family needs. In addition, life insurance in Ontario can vary greatly from company to company in both the cost of premiums and the coverage available to you.

Where life insurance in Ontario is concerned, time is not on your side. The older you get the more expensive life insurance premiums become, so it pays to make your life insurance a part of this year’s New Year’s resolution. Fortunately for you, life insurance in Ontario offers you a wide range of choices and benefits. It doesn’t matter how young or old you are - there are different policies available for people of all ages and walks of life.

Of course, life insurance comes in very handy in the event of an untimely death, but there are many other reasons why Ontario families make life insurance a part of their overall financial planning.

Life insurance in Ontario is a smart investment to make to protect your family and can be a great way to plan for retirement (guaranteed retirement income) or as a smart saving tool. So many New Year’s resolutions revolve around our personal finances, so why not get a jump on this year’s savings by using life insurance in Ontario as the perfect saving vehicle. For example, a whole life insurance policy can help give you the tools to invest effortlessly – making saving simple and easy!

What about your child’s education? Knowing the costs associated with a post-secondary education, many New Year’s resolutions include planning for that. Setting up life insurance in Ontario for your child can be a great way to get this started now – instead of scrambling after high school graduation.

You simply can’t afford to make life insurance planning a part of next year’s resolution. With December and all of its mayhem out of the way, make life even less stressful by insuring that you have created a secure blueprint for whatever may happen in the years ahead. There are many different life insurance products out there, so speaking with your Ontario insurance broker and discussing all of the options that will meet your needs is a great way to get that New Year’s resolution set in stone!

For more information about life insurance in Ontario and to tackle that New Year’s resolution, please contact Gary Mandel at Independent Financial Concepts Group at 416-849-1653 or visit www.wecoveryou.ca.

Buying Life Insurance in Ontario Under the Age of 40 – Is it Necessary?

When we are young, energetic and full of life the last thing we think about is death or buying life insurance. With so many things to plan for like purchasing a home and planning a family, it’s hard to think about planning to forecast death. It is not likely that you will die any time soon but it is important to start your life insurance planning now and there are many reasons why. 

First, life insurance premiums are lowest when you are youngest and healthiest. Purchasing life insurance when you are younger will save you 10’s of thousands of dollars in premiums over time. 

Time is not your friend. Each day that passes we risk changes in our health. This could range from significant health problems to non-visible disabilities. Your life insurance premiums take into consideration your health. If you have medical problems one of two things can happen: your premiums will be significantly higher or some causes of death may be disallowed from your policy. Because a life insurance policy is a contract, if you initiate the contract and rate of premium at a time when you are young and healthy, the insurance company cannot increase your premiums. 

Further to the above two points, many of us plan on starting a family in the future. This alone carries a landslide of new expenses to the household. Once you have children, you will also want to protect them. If you wait to start life insurance planning once you have children and it becomes more of a priority in your mind, the issue of the increased premiums you will pay because you waited, will become very real. 

When children enter the equation, there are many life insurance options in Ontario that can enable you to leverage your life insurance to build savings and plan for your children’s education. While term life insurance in Ontario carries no cash value, whole life insurance does. This means that the premiums you pay for insurance will not only protect your children but will also contribute to savings that can be used when your children are ready to go off to college or university. 

Whether it’s now or when you have children, you begin to build a life with your spouse; the life you build will generally rely on both of your incomes. This includes payments to debt and mortgage. If the unforeseeable happens and you passed unexpectedly, you want to ensure that you have made the necessary financial arrangements so that your spouse is not left with debt and mortgage payments while losing your income. 

At the end of the day the primary reason that it is crucial to think about buying life insurance in Ontario is cost. All of the examples outlined in this article lead to the same issue that if you wait, it could cost you big time. Time could be the difference between you paying less than $100 per/mo. for life insurance in Ontario and paying hundreds of dollars per/mo. for life insurance in Ontario. Over the course of years these amounts add up to 10’s of thousands of dollars that you wouldn’t have had to factor into your budget had you started planning when you were younger. 

For more information about buying life insurance in Ontario please visit www.wecoveryou.ca or call Independent Financial Concepts Group at 416-849-1653.