Life Insurance in NS, NB & PEI
Here’s the good news: Atlantic Canadians are living longer than ever. The bad news: all good things come to an end. And in most cases, we have no idea when that will be. That’s why you want to have life insurance – peace-of-mind protection that takes care of those who are near and dear to you after you’re gone.
Life insurance is like auto insurance in that you can buy a little or a lot of it. However, depending on the type of policy you buy, you can pay a different rate than someone else for essentially the same death benefit. Your neighbour can have the same vehicle make as you, but might pay a little more based on their unique usage. Keep in mind, though, that the younger and healthier you are, the less you will pay for coverage.
Here at AA Munro, we’ve been providing flexible life insurance programs for more than 75 years. We offer a range of policies to meet your needs as they change over the years. And we can provide you with a quote quickly and easily.
Types of Life Insurance Coverage
There are two basic types of life insurance: term life, and cash value. The first is good for a certain period of time, and cash value is “permanent” insurance that includes a buildup of value in cash. Whatever type of policy you buy, make sure it provides enough of a death benefit to meet your family’s needs if you aren’t there.
Life insurance can be used for a variety of purposes, such as estate planning, accumulating cash, transferring wealth, and achieving estate tax liquidity.
As you travel through life, your family’s needs will change. So will your budget. So, while life insurance should always be an essential part of your financial security strategy, you want to be able to select the best protection for your circumstances and budget. For example, you can choose from:
- Term Insurance: Coverage for a set timeframe, such as crucial periods of heavy financial commitment, like a mortgage and a growing family. Because the period is fixed, rates are relatively low.
- Yearly Renewable: longer 5-20 year term—avoids potential annual premium increases
- Convertible Term Life: option to convert to permanent in the future—low cost, high death benefit
- Permanent Insurance: This lasts your lifetime and pays out an agreed sum on your death, whenever that occurs. You have permanent peace of mind.
- Universal Insurance: Provides flexibility of either a guaranteed or variable level of coverage. Can also be used for capital growth and tax deferment, through additional investment.