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Alberta Life Insurance
Buying life insurance to protect your family is one of the best moves you can make to ensure that your spouse or children are taken care of even after you’re gone.
Life insurance
Life insurance provides peace of mind and financial security for you and your loved ones by providing long-term financial stability against death from accidents or disease. It can also help with estate planning or retirement income.
Life insurance is a contract between an insured person and the life insurance company. When the insured person dies, the life insurance company pays a sum of money, typically a fixed amount of dollars, to the beneficiary.
You can take out life insurance on yourself or someone else. When you buy life insurance on your own life, you’re called the policyholder.
People often use life insurance as a form of financial security for their family in case something happens to them, and it can also help pay off debts such as mortgages and loans you may leave behind. Life insurance really is a must if you have people in your life who you want to protect in the event of your death.
You can purchase life insurance through a broker, and there are several kinds of life insurance to consider. One is term life insurance that covers a person until the term they get in the event of death. The second is called permanent whole/universal life insurance, and it pays benefits throughout a person's lifetime.
About critical illness insurance
Critical illness insurance is a type of insurance designed to provide financial protection for individuals against the financial consequences of serious illnesses.
It provides an individual with coverage for expenses related to treatment, lost income, and extra living expenses related to that illness.
Also known as "life insurance with a critical illness rider," you can use this type of insurance to pay for costs that medical insurance does not cover.
This type of insurance works well for individuals who find themselves in high-risk professions or who have dependents with medical conditions that may lead to increased health care expenses.
About accidental death and dismemberment insurance (AD&D)
AD&D policies are meant to cover the gap that isn't covered by life insurance. Accidental death and dismemberment insurance helps you protect yourself from financial loss in the event of an accident. Like the name says, it provides coverage for expenses incurred as a result of accidental death or dismemberment.
These policies will cover costs such as:
- Medical treatment
- Lost wages
- Rehabilitation
- Burial
Who should get life insurance?
The short answer? Everyone should buy life insurance. Starting on the investment portion of your policy as soon as possible is most beneficial, and primarily, you won’t be leaving your loved ones paying for all your funeral or debt expenses.
The best time to purchase life insurance is when you’re young and healthy because you aren’t as likely to have any health problems that would increase the cost of your policy.
Life insurance premium costs rise as you age. Having problems like heart disease or diabetes might also cause your cost of insurance to go up. Don’t wait on getting a life insurance policy so that you can lock in lower premiums.
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What life insurance can do for you
Life insurance is a must if you have a family relying on your income to survive. If you’re the primary income earner in your family, then life insurance is one of the most important forms of protection for your family’s financial future.
When a person passes away, it can be difficult for those left behind to pay the deceased bills or mortgage, buy groceries, and maintain their lifestyle if they don't have any other sources of income. Life Insurance can serve as that form of additional income.
Life insurance can also protect you in the case of an accident or illness that requires extensive medical treatment. It will help to reduce the financial burden of on you both for treatment and any lost wages.
What life insurance covers in Alberta
Life insurance helps protect a family's financial future in the event of an untimely death.
It offers both financial protection and peace of mind by providing a lump sum payment to ensure that a family member’s final expenses are covered and that the living can pay their liabilities, such as:
- Mortgage
- Credit card debt
- Car payments
- College expenses
A simple way to think about it is that life insurance plans pay out proceeds to your beneficiaries when you pass away. From there, your beneficiaries can use the policy’s payout in any way they decide to. They can pay off the previous debts or expenses or decide to invest the money. It’s their money to use as they see fit.
What life insurance doesn’t cover in Alberta
There are some situations when life insurance may not pay out when a person dies.
One of them is when the insured person is responsible for their own death. For instance, if they commit suicide and take their own life. This is because suicide is usually an indication that there was a pre-existing medical condition such as a mental health illness.
Other situations where a policy might not pay are if a policyholder dies from a drug overdose or in a car accident while driving under the influence. Both of these situations would indicate some responsibility in their own death.
Your insurance policy’s specific terms will ultimately reference any exclusions, and our brokers are happy to discuss the details with you so you know exactly what you are and aren’t covered for.
Insurance companies that we work with to find you the best life insurance:
The cost of life insurance in Alberta
Many factors come into play when it’s time to price a policy for life insurance.
Everyone’s situation is different, and there are many types of life insurance to choose from. This means the best way to know your life insurance costs is to contact us and get a free quote for your specific needs.
Factors that affect the cost of life insurance
The price of life insurance varies depending on several factors.
The most crucial factor is whether or not the coverage is term or permanent. Term life insurance is usually less expensive than permanent insurance, but it only covers the insured for a predetermined period (the length of the term). On the other hand, permanent life insurance, such as a whole life insurance policy, covers you for your entire life.
Some region-specific factors affect the cost of life insurance. These include law requirements and various regulations. Other private factors can affect the cost of life insurance, such as the age and health of the applicant, occupation, and income level.
Factors that can increase the cost of life insurance
Many factors can influence the cost of your life insurance contract. The first factor to consider is how much coverage you want to buy. The higher your coverage amount, the higher your premiums will be because you’re taking on more risk from an insurer's perspective.
Here are some other important factors that increase costs of life insurance:
- Age: you’ll pay higher premiums as you age
- Smoking: smokers pay higher premiums than non-smokers.
- Health: if you have preexisting health conditions such as heart problems you’ll likely pay a higher premium
Factors that can decrease the cost of life insurance (h3)
The same four main factors influence whether you’ll pay lower life insurance premiums:
- Type of coverage
- Age
- Smoking
- Health
For the type of coverage – term life insurance is more affordable than whole life insurance because the policy covers a predetermined number of years and expires once the term ends.. On the other hand, permanent life insurance is more expensive but covers a person for their entire lifespan.
The younger you are, typically the lower premiums you pay for life insurance coverage because younger individuals tend to live longer and have more time for their premiums to accumulate and pay off.
Non-smokers pay less for premiums. If you smoke, then your rates are higher because of the increased risks smoking causes to your health such as smoking-related illnesses.
You’ll pay less for your life insurance if you’re deemed healthy by your insurance company and don’t have any pre-existing health conditions.
Or if you prefer...
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Get a life insurance quote
At Knight Archer Insurance we pride ourselves on making life easier by helping you make the best life insurance decision for you and your family. Contact us for a free quote today. We’ll take the time to answer your questions and make sure you feel comfortable throughout the entire process.
It can be complicated, but we’re here to guide you through it.
If you prefer in-person or over the phone, you can always chat with one of our account executives.
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