Buying Life insurance can be intimidating for many Canadians. That is why we use Insure Right - a simple process to provide consumers with the information they need to make informed decisions and purchase the right insurance protection. The Insure Right Calculator is an easy to use tool to help determine the right amount of insuranceto buy.
Five Steps to the right coverage
If something happened to you, you want to be certain you have the right coverage to protect your family, your lifestyle and everything you’ve worked hard to achieve. That’s why we created Insure Right. It includes five steps to help you understand all the various types of life and living benefits insurance. It can also help you determine the amount of coverage you need at a price that will fit your budget.
Step 1: The Right Advisor
Your advisor plays a key role in providing the information you need to make an informed decision. Find an advisor you feel comfortable with. Someone you trust. Your advisor should be knowledgeable, understand the Insure Right process and be committed to reviewing your insurance needs on a regular basis in the years ahead.
Step 2: The Right Type
There are many life insurance plans to choose from, in addition to various living benefits insurance plans, such as critical illness, disability and long term care insurance. Your advisor can explain each type to you and what they cover. You may need several different types of coverage to ensure proper financial protection.
Step 3: The Right amount
How much insurance is enough? Determining the right amount is an important step. This is where your advisor can help. By discussing the details of your present financial situation and your plans for the future, your advisor can help you complete a needs analysis worksheet to figure out how much coverage is right for you.
Step 4: The Right Price
The price you pay for your insurance coverage must fit comfortably within your budget. Your advisor can work with you to ensure your premiums are affordable to you. There are always options to help lower the cost of your coverage.
Step 5: The Right Insurer
All insurance companies may seem the same, but there are many things to consider. Your policy is a contract that could last many years. So, make sure you choose a well-established, financially secure company. If there’s a claim, you want to be certain your insurer will be there to honour the contract.
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