Investing in life insurance is a major financial decision. Getting the right amount of coverage is critical if the insurance is to serve its true purpose – protection for your family. With so many products available, from so many competing companies, it's understandable that for the average person it can all be a little overwhelming. Worse yet, it's also big business which brings with it those looking to make a quick buck. The Canadian Life and Health Insurance Association states that almost $475 billion is held in Canadian assets by the industry. Unfortunately, with that amount of money exchanging hands, the draw for some shady opportunists can be too tempting to resist.
The result is a lot of information is being published on the internet by those who may put their commission ahead of your best interest. For example, many "life insurance information" sites make it seem that investing in whole life insurance is the smarter choice financially. Granted, the product is well suited for some, but for the vast majority of Canadians, a term life insurance policy is a much better choice. But when it comes to commissions, whole life insurance certainly trumps life term life insurance any day.
That's why LifeCover.ca works with a local broker in New Westminster and not out of a call centre in Toronto. Your questions require more than a scripted answer and that's why we connect you with a licensed professional who will take the time to answer your questions and explain your options.