Real Benefit of Life Insurance

Real Benefit of Life Insurance

When looking at life insurance, we must consider this as an intangible asset. We might not feel as excited buying it as we would in case of buying a house, or a car or a toy but it is way beyond that. The real benefit of life insurance is in its ability to payout upon death, a tax free benefit. It gives you that peace of mind that your family will be financially in a good position with almost no changes in lifestyle. Request a free quote.

Buying Life Insurance as parents

Being a parent is actually the happiest thing that can happen to us.  They are a bundle of joy and as they grow, life becomes increasingly wonderful. Interestingly, the act of parenthood is all about responsibility and hence comes with a lot of demands. As parents, we wish to do all that we can that is the best and sustainable for the child’s bright future….

 

Cover all members of your family…A family insurance plan

A comprehensive approach to life insurance is also about insuring all members of your family. Each individual in a entire household is adding intrinsic and extrinsic value to the family’s well being. hence if any member passes away or falls ill, there could be difficulties experienced by the remaining members of the family.

 

Life Insurance protects your estate from a tax liability

Life Insurance is a tax free benefit to the beneficiary and hence can provide liquidity to your estate and the tax free benefit could offset tax liabilities in the future. When the first spouse passes away, there is a tax free roll over of assets to the surviving spouse. However, when the second spouse passes away, there is a roll over to the next generation and that could result in a tax liability. Therefore, assets like stocks, bonds, investment real estate is subject to a capital gain tax where the gain from the initial cost base is only taxed by 50%…

 

Buying Insurance is a very important financial step taken by new immigrants – Video

Taking Life and Health Insurance are some of the important steps to be taken especially when you are new in a country. You have taken this huge step to make this land your home.

We at YourInsuranceGuy.ca are experts in explaining the the various types of life insurance that could protect the entire family. Please feel free to contact us at aman@yourinsuranceguy.ca or at 1 416 509 2540. Please visit us for a no obligation quote or advice.

Prepared by:  Aman Kapur

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