Individual Life Insurance

Putting a dollar amount on your family is ridiculous but ensuring the protection of their future sure is not. No one can predict the unpredictable, but we can be prepared.

The biggest investment you can arguably make in the name of those you hold dear is individual life insurance. Life insurance can be a complicated field, but do not let that deter you. Province Insurance will be happy to walk you through your options.

The most common types of life insurance are universal, whole, and term. The first step is identifying which policy you are looking for that fits your budget best.

The term life policy requires you to pay regular premiums for an arranged amount of time. However, this policy only pays out if you die during this period.

Whole life insurance does not have an arranged period of time. This policy pays out until you meet your end requiring regular premium payments until then. If your situation calls for it, you can take out a lump sum while living, but doing so reduces the amount paid out when you die.

Universal and whole life insurance work similarly, but the universal policy allows more flexibility in early money retrieval. Universal life insurance even allows you to borrow money and repay it later. However, the policy payout can be significantly affected if there are any outstanding loans when you die.

The required premiums depend heavily on your medical history, age, and payout amount. Having mentioned that, speaking to an expert on the subject is an important step before committing to life insurance.

We will help you determine whether the term, whole, or universal life insurance is best for you. Contact us today; we are happy to have that conversation!