1) Life Insurance is Only Useful After My Death
Fact — Life insurance is a risk management tool. Risk must not only be associated with dying but also with living too long. Some Insurance policies can help you secure your financial future. You can build an asset inside of your insurance policy to make you financially independent during retirement, cover medical expenses, or build your wealth for flexible usage. You will always benefit from a timely investment in the right insurance product basis your needs and your financial gaols.
2) My Company Covers Me, So I Don’t Need Another Policy
Fact — Your employer covers you only till you are employed with the company. The policy gets terminated once you leave or retire. Employee insurance may be sufficient when you are young, healthy, and without responsibilities. However, it won’t be enough to cover your future family’s needs like children’s education, marriage, medical emergencies of aging parents, the rising cost of living, and so on.
It is advisable to supplement your employer-provided coverage with another insurance policy that is customized to your future needs. Take a policy that can support you financially all through your living years as well as keep your loved ones financially secure in case something were to happen to you.
3) Why Do I Need Insurance If I am Young, Single and Healthy
Fact — Life insurance is one product that cannot be bought when needed. It needs to be bought for a time when you need it. It is a very simple adage “You cannot insure a building under fire”. It must be bought much before you need it and there are many reasons for this. Additionally, the best time to purchase a life insurance policy is when you are young and healthy since the premiums are lower and you can have a high life cover at very low premiums.
4) Claim Settlement is a Hassle and the Insurance Company Can Deny the Payout
Fact — An insurance company will pay claims on policies in existence. That is the fundamental purpose of the company. In this context, it is important to remember that the Insurance policy is a contract of good faith. So, the policy is only as valid as the information provided by the customer. Additionally, the premiums need to be paid regularly to keep the policy valid. Moreover, Every life and health insurance company authorized to sell insurance in Canada is required, by the federal, provincial, and territorial regulators, to become a member of Assuris under the Insurance Companies Act of Canada.. Assuris is an independent, not-for-profit, organization founded in 1990. Their mission is to protect policyholders if their life and health insurance company fails.
In conclusion — Every family and individual has their own distinct financial needs. What might suit one may not be the best option for another. It is advisable to consult an insurance advisor to find a plan that suits you best. You can contact me to go over the details and compare different policies offered by different insurance providers before you make a decision. Insurance is an important investment and money well spent only if you find the right plan. You will understand the value it offers in the long run. Don’t let these common misconceptions make you think otherwise.
DIRECT (778) 998 1747
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World Financial Group Insurance Agency of Canada Inc
World Financial Group Canada Inc. (WFG) is a financial services marketing company whose affiliates offer a broad array of financial products and services.
World Financial Group Insurance Agency of Canada Inc. (WFGIA) offers life insurance and segregated funds. WFG and WFGIA are affiliated companies.
Headquarters: 5000 Yonge Street, Suite 800, Toronto, ON M2N 7E9. Phone: 416.225.2121