Hey folks, I’ve been thinking about getting life insurance lately, but I’m not really sure how it all works here in Canada. Like, how does it kick in, and what exactly does it cover?
Any insights or experiences you can share?
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Life insurance in Canada typically kicks in when the insured person passes away, providing a lump sum payment to beneficiaries. It covers various expenses, such as funeral costs, outstanding debts, and ongoing financial support for dependents. It’s essential to research different policies to find one that suits your needs and budget.
Your Insurance policy will give your beneficiaries a one-time large amount of money when you die.
This goes a long way in helping those you leave behind in the sense that:
- It can help pay for mortgages and loans.
- It can also pay for children’s school fees.
- It also allows you family to keep up with investment and retirement plans
That’s something I’ve been thinking about too! It seems like a good idea, but I’m not sure how much coverage I’d need.
Maybe we can compare notes and see what we find out. Have you spoken to a broker or insurance agent yet?