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Life Insurance
Delivering Professional Investment, Planning & Insurance Services to Greater Victoria for over 40 years.
Is Life Insurance a Solution For You?
To be fair, not everyone needs life insurance. If you have no dependents and no debt it might not seem appropriate for you; however, before you write it off you might want to ask yourself a few of these:
- Would your family be okay without your income?
- Do You have outstanding debts that could fall to your family to repay on your passing?
- Are RESPs well funded enough for your loved ones education?
- Are you interested in leaving money to a charity?
- Your dependents can be your partner, children or even your parents. Think education, income and long-term care costs.
- Once taxed, are your existing savings and investments enough to take care of large debts like a mortgage?
- You may be able to cash out the policy in the future to make a large purchase.
How Much Life Insurance Do You Need?
There is no one size fits all answer to this question. Factors like outstanding debt, your net income (to support your dependents), your mortgage, and the desire to fund your children's future education all need to be considered. That's where your advisor comes in.
Term Life Insurance
Term life insurance is purchased to cover you for a set period of time. For example - 10, 20, or 30 years. Typically term life insurance is cheaper than whole life insurance for most people; however, you aren't able to cash out a term life insurance policy - once the payments are done the insurance is done.
Whole Life Insurance
Whole life insurance is a type of permanent insurance, which doesn't expire. Whole life insurance also allows you to pay your premiums early and still be covered for the rest of your life. Plus, you might be able to cash out your whole life policy.
Curious About Your Financial Needs In Retirement?
Get a professional opinion. The Wright Brothers offer a complimentary financial needs analysis tool. To take advantage of this please download the tool and follow the provided instructions.
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Insurance products and services are offered through PPI or through multiple carriers.