The Yukon is the smallest of the three Canadian territories. The most western area in Canada, the Yukon is bordered by Alaska on the west, the Northwest Territories on the east and British Columbia on the south. It derives its name from the Yukon River, which in turn got its name from the Gwich’in word for “Great River.” Over 34,000 people make their homes in the Yukon; more than a third of those people live in the capital city of Whitehorse. Residents of the Yukon know that if they want to have absolute peace of mind when it comes to the financial stability of their families, they should have life insurance. If you are a potential first-time life insurance buyer, read on; here are some tips that should help you successfully make your first life insurance purchase.
Take the time to understand why you need life insurance; it’s not enough just to buy it because someone told you it was a good idea. Life insurance is to provide people who rely upon you with some financial stability after your death; if you buy life insurance without fully grasping what it is for, you may end up not getting the policy that’s best for you because you were more concerned with cutting corners and saving money. In the long run, your lack of understanding may undermine the entire idea of getting life insurance in the first place. On the other hand, you may end up getting too much life insurance because more couldn’t hurt, right? Your life insurance needs may fluctuate throughout your life, and there may come a time when you actually need less life insurance than you did thirty years ago. By understanding the point of life insurance, you will be able to more accurately gauge your needs.
Another thing you should do before buying life insurance is look at the quality of the insurance company you want to buy from. If you pick an insurance company that is so financially weak it collapses within five years of the twenty year policy you purchased, your policy will be worth nothing as no one will be around to pay out the death benefit. You need to pick a company that you are confident will still be around for the life of your policy. One of the best ways to judge the quality of insurance companies is to consult rating agencies and see what scores they have given your insurance company. The four most prominent ratings agencies include Moody’s, A.M. Best, Standard & Poor’s and Fitch. If an insurance company has gotten consistently high marks from these ratings agencies, then it is probably worthy of your confidence and business.