The answer is simple: Almost everyone needs life insurance, and age makes no difference – there are even life insurance for children. Whether you are married or single, that some members of your family depend on you financially or otherwise, the odds are that you need life insurance.

Heads of household

As a key member of your household, you take care of the family and contribute to its financial security. Life insurance is a means for ensuring that the household can continue to pay its expenses and to provide for its members – your children’s education, retirement your spouse or your partner or your care elderly parents, for example.

Even if you are single, life insurance has its uses as it will help those who settle your estate to pay your bills, your debts and final expenses.

DONE

The death of a life insurance contract is the amount paid or payable when the insured person dies. The death benefit is paid tax free to the beneficiary designated by the owner of the contract.

Owners

Living in the family home is more than just a roof over his head. The death benefit of life insurance can be used to adjust the monthly mortgage payments or even to completely liquidate the mortgage. Know that your family will continue to live through life insurance, in the home that you have created will be for you a great comfort.

TIP

In Canada, the proceeds of life insurance contracts is paid directly to the person or persons you have designated as beneficiaries and that money is not taxable.

Business owners or partners

If you own a business, life insurance can help protect your estate and creditors of the company and you can leave your family or business associates to the exact amount that you expected. Life insurance can also be a tax efficient way to facilitate the transfer of a family business to the next generation.

The death benefit of life insurance can also be used to pay business debts and other financial obligations so that the business to which you have devoted so much of yourself, continue to thrive.

Those who think of others

Life insurance offers a way to bequeath something to his children or his grandchildren. Or making a generous donation to a charity or a cause that is dear to your heart.