Purchasing a life insurance policy is the best thing you can do for your loved ones, but just because you have a policy, that doesn’t guarantee you have the best possible coverage. Here are 3 signs your current life insurance policy should be updated.
Life insurance can provide your family with a strong financial safety net in case of your unexpected death. The right policy can cover debt such as credit cards, mortgage, and education fees, and it can take care of your loved ones who depend on your income.
Some of the best reasons to consider a life insurance policy include:
- It gives you peace of mind, knowing your family’s financial future is secure.
- Your family won’t have to deal with financial liabilities during a crisis (such as home, personal, or credit card loans)
- It can supplement your retirement goals.
- It can help pay for any funeral or cremation costs.
Affordable Mortgage Life Insurance Gives You The Best Coverage
At AIME, we understand just how important it is to keep your family financially stable. That’s why our company offers the best and most flexible mortgage life insurance products to ensure that your spouse and children are financially protected, no matter what life throws your way.
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CALGARY MORTGAGE LIFE INSURANCE
3 Signs Your Current Life Insurance Policy Needs to Be Updated
It’s very easy to buy a life insurance policy and then forget about it, but as the circumstances in your life change, you may find that your policy no longer fits your needs perfectly.
If you are doing a current evaluation of your life insurance policy, here are 3 warning signs that it isn’t working for you anymore:
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You Have Too Little Coverage
Not having enough life insurance coverage may not seem like such a big deal at the moment, but it could have dire consequences for your family if you were to pass away unexpectedly.
When determining if you have enough coverage, you should think about:
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Your debt. How much debt do you have? If you passed away unexpectedly, all of your unpaid expenses would be left to your family and this may leave them under serious financial strain. So make sure your policy is large enough to cover all your debt.
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Your salary. How much do you make and how many people rely on your salary? If anything were to happen to you, your family would lose that income and experience drastic financial loss and lowered living standards, so make sure your policy accounts for this.
Remember: The goal of life insurance is to give your family the resources they require to get through a difficult time and find a way to replace your income.
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You Have Too Much Coverage
Although there is nothing necessarily wrong with having extra life insurance coverage, the main concern comes in when your premiums are difficult to budget. Whenever you purchase life insurance you should keep in mind that you DO NOT want to break the bank with your premium payments.
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Remember: Having some coverage is better than no coverage, or too much coverage, so make sure to purchase a plan that has the right amount of coverage which will fit your family’s needs and budget. |
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Your Health Has Improved
Just as your health has the potential to decline, there may be instances when you’ve actually managed to improve your health since you purchased your life insurance (eg. your blood pressure or cholesterol levels have improved, or your cancer has gone into remission).
If your health has improved, your life insurance company may be willing to allow you to re-apply in the hope of acquiring lower rates.
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Extra: If you’ve managed to quit smoking for 1-2 years, there is always a chance you can reapply for non-nicotine rates, which can, in turn, translate to a lot of savings over the year. |
Finding The Best Life Insurance Company For Your Needs
It is absolutely vital that you find the best life insurance company to fit your needs and one that will view your application favourably. Because every company is different, you may receive drastically different rates for the exact same policy.
What to do: Always get different quotes from several life insurance companies before choosing the one that works best for you.
HOW TO CHOOSE THE RIGHT INSURANCE COMPANY FOR YOUR NEEDS
Call Today
If you’re looking for a flexible, transparent, and affordable mortgage life insurance product that always works in your favour, contact one of our licensed agents today at 1-844-974-2020 or fill in our online contact form.
