Life Insurance Toronto
Life insurance in Toronto is one of the most ubiquitous and important policies an individual can take out over the course of their lives.
Consumer debt in Canada is now the highest it has ever been. The average Canadian has a debt to income ratio of 170%, meaning for every dollar that they earn, they owe $1.70 to a lender. Common sources of debt include mortgages, student loans, car loans, and credit card debt. If something were to happen to you, your family could be on the hook for many of your debts. If they cannot afford to pay them, they may lose the family home, their car, or face financial ruin.
Life insurance is a way to protect your family against this outcome by providing them with the funds necessary to survive should the worst come to pass.
What is Life Insurance?
Life insurance is a kind of insurance that provides financial assistance to the next of kin should the policy holder pass on.
While it may seem odd to take out an insurance policy that you personally will never see any benefit from, it is worth its weight in gold in the peace of mind it can provide you and your family. For example, if you have taken out a mortgage to pay for your family home and you contribute to the mortgage payments, your family would need to cover your portion of the mortgage repayments should you die. If you covered the entire mortgage payments, or a significant portion of them, this could leave your family without the means to make the payments. If they are unable to produce the money, the bank may foreclose on your house and repossess it, leaving your family without a home.
Toronto life insurance provides a safety net that guards against this eventuality. In the event of your death, your life insurance policy will pay out a lump sum to your beneficiary, providing them with the financial means necessary to continue living the life they have become accustomed to. This can help them pay off the mortgage, clear student debts, stay afloat until new sources of income can be established, and generally take some of the pressure off what will be an emotionally devastating situation.
Why is Life Insurance so Important?
Life insurance in Toronto remains one of the most crucial insurance policies available due to the fact it can help protect your family during a time when they need it most.
Funerals can be extremely expensive, with the average funeral in Canada costing around $15,000. Your family will already be dealing with your loss, and the last thing you would want them to worry about is how they are going to afford a service for you. Life insurance makes sure that they won’t have to by providing financial assistance in the event of your passing. How much will be paid out is determined by your policy, and can be enough to completely py off a mortgage, car loan, funeral expenses, and more.
What Does Life Insurance Cover?
Toronto life insurance can offer a range of coverage and protections for your family once you have passed on. What exactly is covered will depend on your policy, but commonly includes:
- Mortgage Repayments: Perhaps one of the most important reasons people take out life insurance is to ensure their family will be able to remain in the family home and pay out the rest of the mortgage. Life insurance can provide enough coverage to pay off any remaining balance owing on a mortgage so your family doesn’t have to worry about the bank repossessing the home.
- End Of Life Expenses: This covers the costs associated with funerals, medical expenses, and legal administration. These are one of the hidden costs of passing on, and can easily reach into the tens of thousands of dollars.
- Living Expenses: Life insurance can provide enough money for your family to continue in their current living situation in the event of your death. This can help pay rent, groceries, transport, and more.
- College Tuition: Your life insurance policy can also provide enough money to cover your children’s’ college tuition expenses if you choose.
Everyone’s situation will be different, which is why your life insurance policy can be customized to exactly what you need. You can decide whether you want a lump sum paid out, or monthly payments like a salary. Whatever you wish for you family once you have passed on, life insurance can help you provide for them.
Who Needs Life Insurance?
Life insurance is perhaps one of the only forms of insurance that truly anyone could benefit from over the course of their lives.
While it may not seem like a hugely necessary expense when you are younger, as you get older, you will likely have more people depending on you and more monthly expenses. Life insurance premiums tend to increase as you get older, so it can save you money in the long run to take out a policy in your younger years.
Anyone that has children, a spouse, a mortgage, or any other kind of financial or personal dependent can benefit greatly from life insurance. While you yourself won’t necessarily see the benefit of a payout, it is a way for you to protect and support your family once you are no longer there to do it personally.
Why go with KASE Insurance?
As mortgages climb ever higher, especially in cities like Toronto, the debts we can potentially leave to our loved ones when we pass on are expanding. Coupled with the rising costs of funerals and college tuition, and few people can afford to leave their families burdened with these financial obligations once they’re gone. KASE Insurance is the leading commercial insurance broker in Toronto, specializing in creating customized life insurance policies that cover you for everything you need and nothing you don’t.
At KASE Insurance, we are committed to providing an unparalleled client experience. Our life insurance experts take the time to get to know you and your needs before creating bespoke policies that offer your family complete protection. Whatever your needs, KASE Insurance has the experience to get you a policy that covers you at a price you’ll love.
For the best life insurance Toronto has to offer, contact KASE Insurance today and protect your family for tomorrow.
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