Life Insurance Halifax, NS

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What is a Life Insurance Policy?

Life insurance is one of the greatest motivations for the bread earners and caretakers of the family. This coverage provides the beneficiary/beneficiaries with a one-time tax-free payment when you pass away. Life insurance in Halifax is a crucial part of financial security, one that helps individuals and families thrive. The two main types of policies are term and permanent coverage.

Why do Nova Scotians Need Life Insurance?

Being an adult, mostly means, being responsible for the livelihood of the old and young in your families. But what happens to your dependents when you die and have no inheritance to leave behind? Do you spend every moment of your life worrying about it?

Life insurance plans ease the financial burden caused by a critical illness or death in the family. You can build your inheritance and leave your loved ones with support instead of outstanding debts, school loans, mortgages, or car payments. Here are just some of the reasons why Nova Scotians need life insurance:

To pay for final expenses, such as funeral costs
To pay off estate taxes
To replace income to support family members in the event of an unexpected, or accidental death
To help cover future expenses for your children, such as university tuition
To leave a charitable gift to a cause that is close to your heart

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The Difference between Life vs. Critical Illness vs. Disability

Life insurance, critical illness, and long-term disability get lumped together constantly. Here’s the plain-language difference. Life insurance, for most people, is not a living benefit — the proceeds go to your beneficiaries when you’re gone. (Some policies build cash value you can use yourself, but let’s keep it simple.) It’s the money that shows up for the people you love when you’re not there.

Critical illness is a benefit for you. If you’re diagnosed with a covered condition — heart attack, cancer, and stroke are the three most common — and you survive 30 days, you’re paid a lump sum.

Long-term disability is also for you, but it pays when you’re unable to work. It’s a “living benefit”: the insurer pays you an income while you can’t earn one.

Term Life Insurance

Term life insurance coverage is designed to offer flexibility and can be purchased for a specific, pre-set period. The term can be 10,20, or 30 years long. This type of plan is one of the most economic life insurance policies. In the term policy, the cost and death benefits remain level. Here are some features of term insurance:

> Least expensive Life Insurance Product: you can purchase a lot more life insurance for fewer premium payments.

> Temporary coverage: This policy is best-suited for those who only need coverage temporarily, and know that by the time the policy expires, the dependents would have enough skills or assets to be financially independent.

> Lower cost: This plan has a lower cost of of premiums compared to most other policies. Primarily because the coverage has an expiry date and offers death benefit only.

> Fixed Payments: In this plan, both the payments and the benefits are fixed and remain the same until the end of the restricted period.

Permanent Life Insurance

Permanent life insurance lasts the lifetime of the insured person, as long as the premium is paid. Unlike a term policy, permanent insurance in NS can have a cash value component. Features include:

> Lifetime coverage: This type of plan has no expiry date and lasts for as long as the insured person is alive.

> Higher cost: This type of coverage has a higher cost than a term policy, but it remains the same throughout. The reason for the higher cost is the claim will be paid out, unlike term, the insurance company doesn’t expect to have to pay out that claim.

> Flexible payments: In this type of coverage, the cash values can be used to pay the premiums should an emergency arise.

> Opportunity to build cash value: Permanent life policy may have a saving component i.e., the longer you pay, the more your cash value grows. Phone us today and get your customized life insurance quote.

How Much Does Term Life Insurance Cost?

It only takes a minute to get a no-obligation life insurance estimate for your desired term length and coverage amount. Find out your rate and contact me when you’re ready.

LIFE INSURANCE NOVA SCOTIA FAQS

Whole Life vs. Universal Life Insurance

Permanent life is further categorized into whole life and universal life insurance. Whole life involves consistent premiums and a guaranteed cash value buildup. Whereas universal offers flexible payment and death benefits. If you cancel your permanent life policy, you will receive the policy’s cash value (after fee deductions).
How Much is Life insurance in Nova Scotia?
The cost varies with individuals and their preferred type of life insurance coverage. Generally, term insurance has a lower cost than permanent life. Factors that affect the cost of coverage include:

Smoking

Age

Health

Gender
How Much Life Insurance Coverage Do I Need?
The true purpose behind life insurance is to make sure that your loved ones aren’t financially burdened after your passing. Hence, the ideal coverage must take care of all your outstanding debts, final expenses of medicine, funeral, etc., and fully support the current lifestyle of your dependents. Choosing the final amount that the policy pays when you die, depends on the following factors:

Your Income

Mortgage balance

Family needs

Debt

Want to learn more? Check out our blog that breaks down how much life insurance you need.
Life Insurance Near Me
What Aspects Impact Life Insurance Rates in Nova Scotia and Canada?
Shopping for life insurance means looking for maximum coverage for the lowest price. To get the best value from your coverage, it’s important to recognize the aspects that impact the rates throughout Canada. Things like smoking can impact the rates you might receive. The way a life insurance policy works comes in 2 forms:

Accepted standard pricing.

Accepted with a rating which means the insurance charges more premium based on a certain percentage.

Other factors that impact the cost include medical history, family health history, physical build, current health condition, and gender.
Can I go through Insurance Brokers for Coverage?

Absolutely! Providing comprehensive coverage is important to truly being able to provide you with the right kind of support you need to secure your family’s future. Whether you’re looking for more information on living benefits, disability insurance, or critical illness insurance, Pat McIver with McIver Insurance in Halifax has your back

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