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Life Insurance Policy Documents

Life insurance policies usually range from five year terms up to 30 year terms. And some policies — called whole life policies — last a lifetime.

Selecting the right term for your policy depends on many factors. The duration of your policy should coincide with your family's need for the financial protection. To consider this, factor in a number of situations.

How Far Out Do Your Financial Obligations Stretch?

A common reason to invest in life insurance is to cover financial obligations. These include mortgages, personal loans, and other debts. They also include the financial responsibility you have to individuals, such as your children.

Choose a life insurance plan that spans at least this length of time. It will provide you with ample coverage for those debts. For example, if your mortgage is for 20 years, select a policy that is at least 20 years. The proceeds can help cover your family's needs during that time.

What Do You Anticipate Future Needs Being?

This can be a tricky question. It is important to know what the future will hold, as impossible as that might seem. Some individuals want to use life insurance to cover costs such as:

  • College expenses for a child
  • A trust fund for a child
  • Long-term medical care needs
  • Funeral expenses
  • Long-term dependent care

Term life insurance is versatile. Policies can meet many specific needs.

Moreover, you do not have to have a specific reason to choose term coverage. If you would like to make sure your spouse has the potential for financial help for the next 20 years, you should select that term. However, remember, the day the 20 year policy is set to expire, you will need to renew coverage.

Costs and Coverage

The sooner you buy life insurance, the less expensive it will likely be. Hence if you buy a long term policy now while you are younger, it will cost less than it will later in life. Most individuals benefit from these policies throughout their lifetime. Policies often continually offer the same protection — a payment to your loved ones if you pass away while it is in place. For that reason, having any type or length of policy can help.

It is also important to consider the value of whole life insurance. In some cases, it can offer the best level of protection. Individuals who want to leave behind funds for their beneficiaries can benefit with this coverage.

Finding the right life insurance is important. No two needs are the same. With the help of a trusted agent, it is possible to find a term that is right for your needs.

We can help you find coverage. Call Heritage Insurance LTD at (800) 667-7640 for a free Moose Jaw, SK life insurance quote today.

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