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Buying life insurance doesn’t have to be difficult. Thankfully, the process is the same regardless of where you live in Canada. That includes Surrey, B.C.
Read on to find out how much coverage you need, which factors specific to Surrey could impact your life insurance costs, and the different types of insurance available to you.
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Purchasing life insurance is one of the best ways to plan ahead and ensure the wellbeing of your family. Purchasing life insurance means that you pay premiums to a bank or other provider for a term selected by you to ensure that your family members and loved ones are financially protected in the event that you die.
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Life insurance allows you to continue providing for your family after you pass away in the form of a tax-free, lump sum payout known as a death benefit. The sum should be large enough to allow your beneficiaries to survive without your income.
When you’re evaluating how much life insurance you need, some of the factors that need to be taken into account include your cost of living, mortgage, income and other household debt.
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Preparing for your own passing is never a pleasant task, but it’s an important one. A key part of that process is to consider whether or not you need life insurance—and if so, how much?
We’ll go over the basics of life insurance, providing you with an overview of what you need to know to make an informed decision.