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Protect what you
What factors should I consider when choosing a life insurance policy?
Short Answer:
When choosing a life insurance policy, consider your coverage needs, budget, type of policy (term or permanent), health status, dependents, future financial goals, and any policy features like convertibility or riders.
Long answer:
Coverage Needs:
Assess how much coverage you need to support dependents, pay off debts, or cover future expenses.
Policy Type:
Choose between term insurance (affordable, temporary) and permanent insurance (lifetime coverage, cash value).
Premiums:
Ensure the premiums fit your budget now and in the future.
Health & Age:
Premiums are typically lower if you’re younger and healthier.
Riders & Options:
Consider add-ons like critical illness coverage or waiver of premium.
Tax Benefits:
Look into the policy's tax advantages under Canadian law.
Conclusion:
A tailored review of your financial goals and personal situation is key to making the best choice.
