We can compare your current insurance coverage against a variety of insurance companies to find out who offers the best deal.
We will also review your current coverage and advise you if we see that you are either over-insured, under-insured, or if we have other recommendations for your specific situation.
Any person who has attained majority and is eligible to enter into a valid contract can insure himself/herself and those in whom he/she has insurable interest. Policies can also be taken, subject to certain conditions, on the life of one's spouse or children. While underwriting proposals, certain factors such as the policyholder’s state of health, the proponent's income and other relevant factors are considered by the Corporation.
The key question when it comes to buying life insurance is whether there are people in your life, including family members and employees, who depend on you financially. Below are some of the types of people to whom a policy may bring added peace of mind.
For many adults, the arrival of a baby is the time they start thinking about life insurance for the first time—and with good reason. Unless your family can get by comfortably on your savings or your spouse’s or partner's income alone, you likely need a financial backstop.
You may need coverage that can help take care of general household expenses, such as the mortgage and food bills, as well as all the outlays that go along with raising kids, such as day care, sports and recreation fees, and, of course, college.
If your children are a little older- say, high school age—you may only need a policy that lasts long enough for them to enter the workforce. For those who buy term insurance—the simplest and cheapest form of coverage—a five- or 10-year policy may be all you need.
Adults with young children in the house aren’t the only ones who might need life insurance. It can also provide a safety net for spouses who depend on your income. Consider whether your partner would be able to handle the mountain of expenses most couples incur every month, from home and auto loans to grocery and utility bills.
Spouses who have been out of the workforce for a long time or lack the skills to earn a strong pay check are particularly vulnerable from a financial perspective. You should consider a policy with a large enough death benefit that they’ll be able to maintain their living standards even if you should pass on before them.
While it’s true that many employers offer life insurance, it may not be enough to meet your family’s needs. Often those group policies only offer a death benefit equal to one year’s salary, although they can be more or less than that amount. It’s also important to keep in mind that you often can’t take these policies with you should you leave the job for any reason.
Retirement-age adults without a large amount of savings to draw on may want a life insurance policy just large enough to pay for funeral or cremation expenses when they die. A number of insurers offer “final expense” policies, which are typically whole life policies (they include a cash value component) that don’t require medical underwriting.Because these policies tend to be smaller—just enough to cover your funeral —they’re often far more affordable than other whole life policies for older adults. Final expense life insurance pays out just enough to cover your funeral expenses, making it surprisingly affordable for older adults.
If you own a small business, you need to think about what would happen to your organization and employees should something happen to you. Often entrepreneurs will take out a special policy called “key person insurance” that can help keep the business afloat if you or another critical member of your team dies. Essentially, it’s a life insurance policy in which the company pays the premiums on the policy and acts as the beneficiary. We have partnership insurance for all partners of the company to take out a policy on each co-owner and use the proceeds to purchase the deceased owner’s share of the business.
