Winnipeg Insurance Brokers Ltd. Unit 106-2565 Portage Avenue, Winnipeg, MB R3J 0P4
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Can you get life insurance for your family? Yes! And there are so many reasons why you absolutely should.
Family life insurance is a means to protect your family’s financial future in the tragic event that you, your spouse, or one of your family members passes away. It’s also a means of protecting your peace of mind. Because there’s nothing better than knowing that if the unthinkable were to happen, at least financially speaking, everyone would be okay.
In this post, we’ll look at how life insurance can help protect your family. We’ll help you understand who can be covered with a family life insurance policy, and the different policy options available to you. Then, we’ll answer some commonly asked questions to make sure you have all the information you need to get covered.
Prefer to skip the reading and speak to a real person? Get in touch with us. Our Insurance Advisors are standing by and ready to help you find the best policy for your family!
Life insurance coverage is your way of showing your family that you’ve got them covered– even if you’re no longer there. It allows them to take the time they need to grieve your death without worrying about how they will meet their financial obligations.
Insurance is a way for your family to replace your income. It allows you to leave a legacy to your family or children so that you can help them pay for education or a down payment on a home.
As sad as it can be to think about, it’s important to consider what you want for your family when you are no longer there.
Life insurance is a contract in which the insurer pays a premium that guarantees that their beneficiaries– usually their family– receive a certain amount of money upon their passing. This amount will depend on the insurer’s policy, their age, and potentially how they passed.
In other words, it’s guaranteed financial protection in case something horrible were to happen.
When you buy a life insurance policy for yourself, it only provides coverage if anything happens to you. However, a life insurance policy can be purchased to protect all members of your family!
It’s important that in the situation your partner passes, you have a way to replace their income. When picking a policy and coverage amount, make sure all your debt is covered and money is left to pay for any final expenses required.
Purchasing life insurance for your children is one of the best things you can do. Depending on the type of policy you get for them, it can ensure that they will have a policy for the rest of their lives, plus they’ll have time to accumulate a death benefit. Getting them insurance young will also allow them to access the cash value of their plan. They’ll be able to use this for any reason they need (down payment, student loans, etc.).
The best part of buying life insurance for them now? The premiums are a lot less! Plus it guarantees insurability for them if they ever decide to buy more insurance in the future.
We hope the unthinkable never happens to our children, but just in case it does, it’s important to have enough coverage to pay for any funeral expenses and take time away from work without suffering financially.
Related: Living Benefits & Life Insurance for Children and Babies in Manitoba
Covering your parents is sometimes a shared commitment among siblings to ensure there will be money for final expenses and the financial burden doesn’t fall on the family. The earlier you buy insurance, the better!
Related: Covering Your Parents With Health Insurance in Manitoba
There are two types of life insurance for families: term and permanent.
Term life insurance offers coverage for a specific term or period of time. The terms can range from a few years to a hundred years. It provides an affordable option for people who want protection but don’t have a large budget.
Permanent life insurance includes coverage for a person’s whole life. Think of this type of plan as an investment account that can be withdrawn from if something were to happen.
There are several types of permanent life insurance, and they’re all great options. Especially if you’ve hit the maximum contribution limits on your tax-free savings account and are looking for somewhere to else hold and grow your wealth.
Related: Should You Buy Term Or Whole Life Insurance In Manitoba?
Wondering how to apply for life insurance for a family member? Here are your steps:
(Note: Purchasing insurance for one of your children, the process will look different from buying for an adult, spouse, or parents!)
Every family’s situation will vary significantly. The right amount of coverage for a family will depend on the family’s debts, their income, their future goals (rental properties, cabins, etc.), final wishes, how many children they have and what they want for them in the event they are no longer there.
It’s hard to determine what your individual needs will be based on what someone else has. The best thing you can do is contact a life insurance advisor to determine what life insurance policy will best protect you and your loved ones.
How to apply for life insurance for a family member:
Life insurance is the best way you can show your family you have them financially protected. As much as we hope we are around forever to take care of them, the reality is that unfortunate things happen, and it’s important to plan for these situations to make sure everyone is covered.
The best way to find the coverage most suited to your family is to Contact our Insurance Advisors. We’ll help you find a policy that makes sense for you and your budget. We crunch the numbers, and you decide if you want to move forward.
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We are committed to the communities where we live and work, and we demonstrate our commitment by taking part in sponsorship and volunteer programs.
We love it here, too.
We are committed to the communities where we live and work, and we demonstrate our commitment by taking part in sponsorship and volunteer programs.
Winnipeg Insurance Brokers Ltd. Unit 106-2565 Portage Avenue, Winnipeg, MB R3J 0P4
Winnipeg Insurance Brokers Ltd. serves our clients and operates on Treaty One land; homeland of the Anishinaabe, Cree, Oji-Cree, Ojibway, Dakota, and Dene Peoples, and the homeland of the Red River Metis. Our drinking water comes from Shoal Lake 40 First Nation, in Treaty Three territory. We respect the treaties, the land, and the water that sustain us.