It’s the perfect time to secure your short and long-term financial goals.
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One of the most important steps you can take when planning for the future is securing life insurance. Whether you’re a young professional just starting, a growing family, or a business owner, life insurance in Calgary offers financial protection and peace of mind. In this article, we’ll explore why life insurance is essential for Calgary residents, the different types of policies available, and how Ten O Eight can help you make the right choice for your needs.
Calgary is a dynamic and rapidly growing city with a variety of lifestyles and financial goals. Life insurance plays a pivotal role in ensuring your loved ones are financially secure, even if the unexpected happens. Whether you’re providing for your family, building a business, or planning for retirement, life insurance can be a fundamental part of your financial strategy.
For families in Calgary, life insurance ensures that loved ones won’t face financial hardship in the event of an unexpected death. From covering daily living expenses to paying off a mortgage, the right policy can help your family maintain their lifestyle and financial stability during a difficult time.
Business owners in Calgary also benefit from life insurance. It can help ensure that your company remains viable even if something happens to you. Policies can be tailored to protect key employees, cover debts, and facilitate a smooth transition if you’re planning to sell or retire.
Permanent life insurance policies offer more than just protection—they can serve as a long-term investment. The cash value that accumulates over time can be borrowed against, used for retirement, or passed on as a tax-efficient legacy for future generations.
Choosing the right type of life insurance depends on your individual needs and financial situation. Here are the most common types of life insurance policies available in Calgary:
Term life insurance is a straightforward and cost-effective option for many. It provides coverage for a specified period (typically 10, 20, or 30 years) and is ideal for those who need protection during important life stages, such as raising children or paying off a mortgage. Once the term ends, the policy expires unless renewed or converted to a permanent policy.
Permanent life insurance, as the name suggests, provides coverage for your entire lifetime. Unlike term life, it doesn’t expire, and it builds cash value over time. This makes it a great option for those who want to leave a lasting legacy or build wealth in a tax-advantaged manner.
Universal life insurance is a type of permanent life insurance that offers more flexibility. You can adjust your premiums and death benefits as needed. It also accumulates cash value, which can grow over time, offering both financial protection and the opportunity to build wealth.
Benefits of Universal Life Insurance: Flexible premiums and death benefits, Investment component that grows cash value, Adaptable to changing needs.
Beyond the basic protection it offers, life insurance in Calgary can provide several other benefits that are crucial to your long-term financial plan. Here’s how life insurance can work for you:
In the event of your passing, life insurance provides your beneficiaries with a lump sum that can be used to pay for funeral expenses, outstanding debts, or ongoing living expenses. This ensures that your loved ones are not burdened with financial stress during an already difficult time.
If you have a mortgage or significant debts, life insurance can help pay off these obligations, ensuring your family’s financial future remains secure. This can also prevent the need for them to sell assets or make major lifestyle changes.
Some life insurance policies, particularly permanent and universal policies, build cash value over time. This cash value can serve as a tax-deferred savings vehicle, offering you an additional source of income in retirement.
For business owners, life insurance can provide the capital needed to keep your business running smoothly after your death. It can cover the costs of buying out your business partner, paying off business debts, or funding a key employee’s transition.
Calgary’s diverse and evolving landscape means that life insurance policies need to be as unique as the individuals who live here. Whether you’re living in the downtown core, the suburbs, or the foothills, there are options to suit every stage of life.
If you’re just starting your career, life insurance is likely not top of mind. However, securing a policy early on can lock in lower premiums and provide you with protection for the future. It’s also a great way to start building wealth through permanent life insurance.
As your family grows, your financial responsibilities increase. Life insurance ensures that your spouse, children, and dependents are taken care of if something were to happen to you. It can also be used to cover major life expenses like a mortgage, education costs, or outstanding debt.
For those who own businesses in Calgary, life insurance serves as a vital tool for continuity planning. It can help secure the future of your company by protecting your business’s financial interests and ensuring key employees are covered.
Retirees can benefit from permanent life insurance, which provides financial security in later years. The cash value of the policy can be used to cover medical expenses, or it can be passed on as part of your estate planning.
At Ten O Eight, we understand that selecting the right life insurance policy is a significant decision. That’s why our team of experts works closely with you to find a policy that meets your needs and aligns with your long-term goals. Whether you need term life insurance, permanent life insurance, or a customized plan, we’re here to guide you every step of the way.
Life insurance is a crucial step in ensuring your loved ones are financially secure, and it’s a tool that can also serve as a valuable part of your wealth-building strategy. In Calgary, where lifestyles vary and financial goals differ, life insurance offers something for everyone.
At Ten O Eight, we’re dedicated to helping you find the perfect coverage, so you can rest easy knowing your family’s future is protected.
Get in touch with us today to discuss your life insurance options and take the first step toward securing your future.
Life insurance is a contract between you and an insurance company, where you pay premiums in exchange for financial protection. If you pass away, your beneficiaries receive a lump sum payment, ensuring they’re financially supported. It’s essential for securing the future of loved ones and managing financial risks.
Life insurance provides financial security to your family or beneficiaries in the event of your death. It can cover funeral expenses, debts, mortgages, and provide ongoing financial support. It’s a crucial step in ensuring your loved ones are protected, especially if you have dependents or significant financial obligations.
The main types of life insurance are term life, permanent life, and universal life insurance. Term life offers coverage for a set period, while permanent and universal life provide lifelong coverage with an investment component. The right policy depends on your financial goals and personal needs.
The amount of life insurance you need depends on your financial situation, including your debts, income, dependents, and long-term goals. A common rule of thumb is to have coverage that’s 10 to 15 times your annual income. Consulting with an expert can help you determine the ideal amount.
Term life insurance provides coverage for a specified period, such as 10, 20, or 30 years, and is usually more affordable. Permanent life insurance offers lifelong coverage with the added benefit of building cash value over time. Permanent policies are more expensive but provide long-term financial security.
Yes, some life insurance policies allow for changes after purchase. You can increase or decrease coverage, adjust premiums, or convert a term policy into a permanent one. It’s important to review your policy regularly to ensure it continues to meet your changing needs.
Life insurance can be a powerful tool in estate planning. It provides a tax-efficient way to leave a legacy for your heirs, cover estate taxes, and ensure a smooth transfer of wealth. It helps protect assets and ensures your beneficiaries receive the financial support they need.
For business owners, life insurance can protect the continuity of the business. It can cover key person insurance, buy-sell agreements, or pay off business debts. It ensures the company remains stable, even in the event of the owner’s death, by providing the necessary funds for smooth operations.
Choosing the right life insurance policy depends on your specific financial needs. Consider factors like the number of dependents, your income, debts, and long-term goals. Consulting with an insurance advisor can help you evaluate your options and choose the policy that best aligns with your future objectives.
In most cases, the death benefit paid to beneficiaries is tax-free. However, the cash value accumulation in permanent policies may be subject to taxes under certain conditions. It’s essential to speak with a tax advisor or financial planner to understand the tax implications based on your specific policy.
It’s the perfect time to secure your short and long-term financial goals.
Mount Royal Block Suite 290, 815 - 17th Ave SW Calgary, AB T2T 0A1