Article provided by: Cornerstone Financial Services Ltd.
When looking for life insurance in Alberta, there are many factors to consider. Not having a solid life insurance policy can put your family in a tight spot when you are gone. No one wants to be a burden to their family in death. The best way to avoid this is to find the right life insurance in Alberta.
You should not settle for the first life insurance policy that accepts you. Not all insurance companies are created equal. At Cornerstone Financial Services, we’ve helped clients who have been told that they were uninsurable. When it comes to life insurance, we offer multiple options for our clients to choose from. We can guide you through the process of getting insurance and help you figure out how much coverage you should have. Our staff is willing to go above and beyond to ensure that you are satisfied with your experience with Cornerstone Financial Services.
Why having Life Insurance is Important
Life insurance is important for multiple reasons. One of the biggest reasons that life insurance is important is because your family will be left to pay your final expenses. In North America, the average funeral cost can range from seven thousand to ten thousand dollars. No one wants to leave their family with such a large bill.
Having life insurance can help relieve some of the financial stress from the shoulders of your family. If you have whole life insurance and face an emergency financial expense, you can get a loan for a small amount of what your policy is worth. You will need to pay the loan back in order to receive benefits.
Differences between Whole Life Insurance and Term Life Insurance
The biggest difference between whole and term life insurance is that term life insurance only provides the coverage agreed upon with the client. Term life insurance is considered to be insurance only. Whole life insurance is considered to be an investment. Whole life insurance is good until the death of the insured as long as the monthly fixed rate premiums are paid on time.
With term life insurance, rates are not often fixed, and monthly payments can fluctuate. Sometimes term life insurance offers fixed rates and guaranteed coverage, but only for the length of time agreed upon in the terms of the policy.
Which Type of Life Insurance is best?
The type of life insurance that is best for you depends on how much you can afford to pay per month for premiums. While whole life insurance is often more expensive, it does offer a fixed rate on premiums while term life insurance does not. Term life insurance can be used as a backup until you can afford to get whole life insurance.
If you are looking for life insurance in Alberta, you do not need to search anywhere else than Cornerstone Financial Services. Our professional team can answer any questions that you have about life insurance. We can provide you the information you need to make an informed decision about which policy type is right for you.Life insurance alberta