Life Insurance

Life insurance can help ensure your family maintains their standard of living if you die. It can also help pay off debts or cover final expenses such as funeral costs.

If you are the main income earner, will your family be able to maintain day to day expenses if your income is lost? If you take care of your children full time, will your family be burdened with extra expenses for child care if you were gone?

Life insurance can help ensure your family will be able to maintain theif lifestyle if you were to die unexpectedly.

The payment upon your passing:

  • ​can replace some or all of your lost income,
  • ​can be used to repay debts or continue debt repayments on mortgages, loans and credit cards,
  • ​can pay for child care and any current or future education costs for your children, and
  • ​life insurance will cover your funeral and estate costs, that may be due on death.

To get life insurance, you buy a policy

A life insurance policy is a legal contract that sets out:

  • ​how much money the insurance company will pay to your loved ones if you die,
  • ​how much money you will pay each month to get the insurance, and
  • ​how long the insurance will cover you (for a set term or for life).

Term Life Insurance or Permanent?

Term Life Insurance

Life insurance that works much like rent. The price stays the same for a while but will increase in the future and eventually will expire.

Permanent Insurance

Life insurance that will remain the same price, until age 100. There can be an investment account attached to the policy based on dividends paid from the company(whole life) or based on extra funds provided by the owner and managed inside the plan(universal life).

Whole Life

Permanent insurance that accumulates dividends from the company based on profits to build up an investment account or can buy more insurance.

Universal Life

Permanent insurance that builds up a managed investment account based on extra premiums paid by the owner or insured.



© 2017 EthicalAdvisor.com. All Rights Reserved.
Site design by JLConsulting