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The holiday season is filled with happiness, fond memories and of course, good food and company. And, if the past year and a half has taught us anything, it’s the importance of savoring those tranquil moments, like laughing with family, catching up with friends, and even snoozing your alarm!

So, this year, consider the many ways in which you can give your loved ones the gift of peace of mind! At Acumen insurance group, we know that checking your life insurance policy, or purchasing one today, can ensure that, in the event of sudden or accidental death, you can continue to provide your family with the security they need to keep moving forward.

We’ll highlight some common coverage plans you can expect and outline how your Acumen insurance broker can help you find a life insurance policy that keeps you, and your family, safe and warm.

Treat Yourself These Insurance Insights!

While the nostalgia of the holiday season offers some much-needed respite from our mid-morning commutes and hectic evenings, the COVID-19 pandemic has forever altered the way in which we think about health and personal safety. In fact, an article from Money Sense stated that, since the pandemic, 44% of Canadians are looking to purchase life insurance policies.

However, what exactly does a life insurance policy do? And how do you know if you’re even eligible for it? Keep reading to discover how Acumen’s team of insurance brokers can help you determine exactly what type of life insurance coverage you can get in Ontario, and the various questions that you can consider when purchasing life insurance

1. What Does Life Insurance Cover?

When it comes to insurance, most of us have home insurance and auto insurance that protect our vehicles and belongings from accidents that either damage or destroy our property and valuables. And while life insurance will never replace a beloved family member or friend, life insurance policies are designed to alleviate the potential financial constraints, like funeral costs, debts, and education of your dependents.

Traditionally, life insurance can be paid out as a tax-free, lump sum, and offers coverage if the policy holder passes during a certain period. Of course, each policy will have exceptions that stipulate the validity of a claim: for example, your policy may not cover you for risky behaviors like cliff jumping or scuba diving.

Money Sense advises would-be policy holders to think of life insurance as paying off their debts and obligations—consider the position your family would be in if something were to happen to you tomorrow—would they be able to cover the cost of outstanding debts, future education, life events or sudden home repairs? 

2. What Types of Life Insurance Are Available to Canadians?

You may have heard the terms “term’ and “whole” life insurance before without understanding how exactly they differ: Term Life Insurance will pay a benefit to the policyholder if they pass away during a specified time, or before a specified age. If you outlive your term or pass away outside of the time frame, your beneficiaries will not be able to collect anything; In contrast, Whole Life Insurance will cover you for life and almost always pays out a guaranteed cash value. Policy holders will pay a specific premium for life, and some policy allow the policy holder to borrow money against their policy. Beneficiaries will always receive cash once the policy holder passes.

Remember, while term insurance does present itself as a more cost-effective option, it’s important to consult with your insurance broker to learn more about life insurance policy options and premiums that are available to you and your partner. Each has individual benefits that may suit your stage of life and preferred lifestyle.

3. Am I Eligible for Life Insurance?

Fortunately, most people can obtain life insurance. However, depending on your age, health condition, and even financial situation, your premiums and policies may look vastly different. For example, a couple of empty nesters may opt to purchase a whole-term policy, while new parents may consider purchasing term life insurance that expires when their children reach adulthood.

Your Acumen insurance broker can help you decide on a policy that supports your dependents during, and after, your lifetime.

Where Can I Find Life Insurance During the Holidays?

Are visions of life insurance claims dancing in your head? With quality family time on the brain, the winter holidays are the perfect time to enjoy a fire-side chat with your Acumen insurance broker. Call our team today to discover how you can purchase comprehensive life insurance in Ontario today!