“Is life insurance really that important here in Canada?” I am often asked this critical question by new immigrants. Rightly so, they are in for a little bit of surprise especially when coming from the Philippines where only about 2 out of 10 Filipinos have life insurance. Compare this to Canadian statistics which indicate that about 7 out of 10 Canadians have personal life insurance. Why the disparity? Different priorities and lack of awareness may be the culprit.
As a financial advisor, one of my passions is to shed light and help our kababayans understand the importance of life insurance especially in the context of living in a different country. But what is the purpose of life insurance? There are a few key reasons for buying insurance and the primary one is to replace lost income.
Most Filipino immigrants in Canada come here with their families. Imagine a new immigrant young family of four with only the father working. What if something happens to him and he dies prematurely? What will happen to the young children left behind? How about the wife who takes care of the household? Who will now foot the bills, pay for the loans and the daily necessities? We’re not even talking about the future needs of the kids yet. Life insurance truly provides peace of mind — a benefit with no dollar value. It can be easy to find by using a comparison site like policyme.com, too. Whatever you are currently going through, even if you are suffering from a medical condition, life insurance is something you need to consider. Not everyone feels comfortable discussing this, but you’d rather do it sooner, before it’s too late. Think about your family. You want to be able to protect them even if you’re not there. The best thing you can do for you and your family is to look into companies like Affordable Life USA to help get you the correct life insurance. You want to make sure you are covered at all costs.
Now that we see how life insurance benefits us, it is equally important to ensure that the life insurance we buy is properly structured with a legitimate insurance broker. In what way, you may ask? Apart from knowing how much life insurance coverage is needed, one also needs to know how much monthly premium will be paid and for how long. There are also different kinds of life insurance that address varying needs. A licensed insurance broker like aor life insurance brokers or financial advisor can help walk you thru all these so that your financial needs will be uncovered and the proper protection will be put in place.
VangieMance is a life-licensed broker in the province of Manitoba. For more information or to schedule an appointment, she can be reached at 204-691-8637 / 204-996-6536 or at [email protected]
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