Alberta Life, Disability, and Health Insurance Since 1983

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Posted: 1 May

Why Term Life Insurance Is A Great Choice for Growing Families

Why Term Life Insurance Is A Great Choice for Growing Families

Life insurance is essential for growing families because it provides financial protection for beneficiaries when the insured party passes. With a sound term life insurance policy, you can cover costs such as lost income, college tuition, and burial costs after you're gone. However, there is no one-size-fits-all policy. When shopping for a life insurance policy, you need to make several considerations depending on your family dynamics. Contact us today.

Why Do You Need a Life Insurance Policy? 

Life insurance may not be necessary for all family members. A great way to determine who needs life insurance is to look at the roles different family members play. Usually, a person whose death would place a stressful financial burden on the rest of the family members requires life insurance.  

Breadwinners: Life insurance can replace lost earnings when a primary income earner in the family passes. With life insurance, the surviving spouse and children can continue to receive financial support.  

Non-earning partner: Term life insurance can help compensate the family for services provided by a non-earning spouse. Services such as childcare and home care are expensive to replace.  

Parents with children with special needs: Term life insurance is essential to protect the children's needs after a parent or breadwinner passes.  

Elderly parents: Usually, elder parents don't require life insurance. However, a term life insurance policy can provide financial support for adult children that provide direct care.  

Couples that own property together: If a partner's death means that the surviving spouse cannot afford to make the mortgage payments and taxes on property, then term life insurance can help cover the costs. 

Wealthy families: Life insurance can help surviving family members pay taxes and retain an estate's value. 

Deciding on Your Terms 

Term life insurance is a suitable option for growing families that want great coverage and affordable premiums. With term insurance, the premium changes after the "term" elapses. For example, if you choose Term 10 life insurance, your insurance premium stays level for ten years and then increases every ten years up to a specific age.  

If you have a life insurance policy from your employer, you may ask yourself if it is necessary to have personally owned insurance. Always remember that if you leave your job or lose your employment, your employer-sponsored life insurance ceases to exist. life insurance is essential to protect your growing family. 

Find a Life Insurance Policy for Your Family Today  

Life insurance is essential to protect your growing family. No matter what your family configuration maybe, there is a policy to protect you. Call our life insurance brokers for quotes on term life insurance policies.  

 


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About the Author - David Motkoski

David Motkoski—At the Helm of Vistaplan Financial Group

David is a well-respected insurance advisor with over 30 years of experience helping healthcare professionals, business owners, and their families secure their financial futures. He takes the time to make certain his clients understand the life, disability, and health insurance products they are purchasing, so they can make the right choices for their budgets, plans, and futures. CONNECT WITH ME ON LINKEDIN

Life & Disability Insurance for Alberta Health Care Professionals, Business Owners, and Their Families Since 1983