Life Insurance Awareness Month

Life Insurance Awareness Month

September is a month when Canadians are asked to think about life insurance and whether or not they have any or enough of it. Let's face it, when we think about the future we plan for the happy moments - the  next vacation, a new baby, a teenager's graduation, the long awaited retirement, and the list goes on. Unfortunately, not enough of us plan for the unexpected. A recent study found that 3 in 4 Canadian households would have difficulty with living expenses if a primary wage-earner were to die.

Life Insurance is used to protect the financial future of the people you love most. A life insurance policy pays a cash benefit, tax free, to your beneficiaries when you die. The amount of money for which you are insured and the type of insurance you buy depends on your needs.

FaithLife Financial's Representatives guide people to be wise with money and live generously using the following five Financial Principles to Live By. This month, our focus is on protecting your family against setbacks!
Financial Principles to Live by
Because each person's insurance needs are unique, a good rule of thumb is:
If someone relies on you to provide for them in any way, then yes, you should have life insurance.

Your Financial Representative will work with you to determine the type and amount of insurance that will best suit the needs of your family. Often, it's a combination of both Term and Permanent insurance.

What is the difference between Term & Permanent Insurance?

FaithLife Financial's Term Insurance
  • Term insurance is cost effective with low initial premiums and a guaranteed death benefit. It has no residual value if you cancel your policy or when it ends
  • Coverage is level throughout the benefit period
  • Term insurance offers a guaranteed level premium for 10, 20 or 30 year options
  • You can convert your term insurance to permanent before age 71 - giving you flexibility along the way
  • Term insurance expires at age 85

FaithLife Financial's Permanent Insurance
  • Permanent insurance premiums are higher than term insurance but they are level for life and create a residual value
  • You can use the value in some permanent plans to take a premium holiday, borrow or withdraw money, switch to reduced paid up insurance
  • There are different types of permanent insurance, including Whole Life, 20-Pay Whole Life and Term 100
  • At age 100, the policy becomes paid up and with Whole Life insurance the guaranteed cash value is equal to the face amount

Remember...Life insurance can't replace you but it can protect your family's financial future in case of an unexpected setback.

September is the perfect time for you to meet with your Financial Representative for a financial review. This way you can feel confident about your finances and know that you have protected the financial future of your loved ones!

To find a Financial Representative in your area please click here.