Life Insurance

You've worked hard to provide for your family, so why wouldn’t you protect their future? We have an in-house life agent to help address your life insurance needs.

What are the most common reasons individuals require life insurance?

  • To pay off your mortgage and other debts
    • In addition to covering everyday living expenses, life insurance covers the outstanding balance on your mortgage so your dependents would not have to sell the house to stay solvent.
  • To replace a spouse’s income
    • If your spouse passed away, most individuals would need to replace the lost income of that spouse. Life insurance helps to maintain the same lifestyle and cover those recurring monthly costs that may have been shared.
  • To cover children’s education expenses
    • Most parents want to be sure their children are taken care of and can afford a quality education. For this reason additional coverage is essential while the children are still dependent.
  • To pay off final expenses
    • The average cost of a funeral can easily be in excess of $10,000. Why have your loved ones suffer financially in addition to emotionally at the time of death.
  • To pay estate taxes
    • Estate taxes can be steep. Having insurance in place to pay them avoids jeopardizing assets or funds built for retirement. Use of insurance for this purpose is most common with large estates, and uses permanent (rather than term) insurance to ensure that coverage remains until the end of life.
  • To buy a business partner's shares
    • If you’re involved in a partnership, you may need insurance on your partner’s life. If your partner passed away, you would want to ensure you have enough funds to purchase your partner’s interest from their beneficiaries. This would help adhere to the company’s obligations without having to sell the company.

 

We have various term and permanent life options to suit your needs.  Our in-house agent is Paul Smith, who is a certified financial planner, chartered accountant, and life insurance agent. He will sit down for a no cost consultation with any potential clients. Call the office today to see what options are available for your situation.

Term Insurance vs Mortagage Insurance? Click Here to see the advantages of term insurance over mortgage insurance offered by your bank or financial institution.

Paul Smith,
CPA,CA,BMOS,CFP Registered Insurance Broker and Life Insurance Agent  
35 Main St. S, Waterford       519-443-8645    1-800-399-5170     paul@tricountyins.ca

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