Toronto is a great city to live in, but with that comes a high cost of living. Toronto is ranked the second-most expensive city in Canada and is also included in the list of the most expensive places to live in North America. Imagine what would happen to a family in Toronto if a major contributor to the household finances passes away unexpectedly. The only way to ensure the financial stability of your family is to plan ahead and get a good life insurance policy in Toronto. Life insurance will ensure that your loved ones are saved from the financial burdens of any unexpected medical emergency. Though buying life insurance is quite easy, there are a few things you should know before you make a decision.
Understand Your Coverage Needs
An insurance agent will be able to assist you in assessing your coverage needs in order to choose the best coverage to suit your individual lifestyle. To determine how much coverage you need, you can ask yourself the following questions:
- How much of the family income do I provide?
- In the event of an untimely death, how will my family pay final expenses or debts?
- Do I have other dependents apart from my immediate family?
Your answers to these questions will help determine how much life insurance coverage you will need and for how long you will pay into it. The idea is to ensure that you have enough to cover the financial effects of an untimely death.
Evaluate Your Current Policy
If you currently have life insurance, don’t cancel until you receive the new policy. Review the new policy and decide if it is exactly what you want. Remember that you don’t have to cancel your current provider–it is possible to change your policy to get the benefits you want now.
Ensure You Can Afford the Premium
Right before buying a life insurance policy, ensure that you can handle the premium payments. Will you be able to afford the first premium? If the premium increases in the future, will you still be able to afford it?
Review Your Life Insurance Program
Equally important is the need to review your life insurance policy every few years. Inflation may affect your future insurance needs or an increase in your family’s size may be factors to consider.
Note that the right type of life insurance should address your basic needs, including your children’s education, financial debt, car payments, home mortgage and health care needs. Trust us to find you the policy that best suit your needs by using our search tool.