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Medicine Hat Life Insurance

The city of Medicine Hat, incorporated as a city in 1906, is located in Alberta, Canada. It is fondly known as “The Hat” to its 60,000+ residents. Medicine Hat got its odd name via an English translation of the Blackfoot word “Saamis,” which is an eagle tail feather headdress worn by medicine men. The word “Saamis” became associated with this area due to several Native American legends that discussed special hats. Medicine Hat is also known as “The Gas City” due to its large natural gas fields. Thanks to that natural gas, Medicine Hat is in the unique position of owning its own gas utility and power generation plant. Other industries in Medicine Hat include chemical plants, foundries, brickworks, tire plants and rubber plants. Some of the neighborhoods scattered throughout these cities include North Flats, Riverside, Ranchlands, Saamis Heights and Cottonwood. It’s a pleasant life in Medicine Hat, and residents know that in order to safeguard their families’ way of living, it’s a good idea to get life insurance.

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Protection vs. Investment

Life insurance policies tend to fall into one of two categories: protection policies and investment policies. Protection policies are designed merely to provide benefits after the death of the policyholder and “protect” the beneficiaries, while investment policies focus more on investments designed to increase capital that often can benefit the policyholder even while they are still alive. A term life insurance policy is an example of a protection policy, and a whole life or universal life insurance policy is an example of an investment policy.

The Length of the Policy

Life insurance can also be categorized through the length of the policy. Term life insurance policies are designed to only provide coverage for a specified period of time. For example, a parent may purchase life insurance for a period of twenty years; they may feel they only need twenty years of coverage because their child will be grown up and able to fend for himself by the time the policy expires. Permanent life insurance provides lifetime coverage as long as the policyholder continues to pay their premiums. Typically, permanent life insurance cannot be cancelled unless there is an issue of fraud in the application. Permanent life insurance comes in four types: whole life insurance, universal life insurance, limited pay life insurance and endowments.

About Medicine Hat

There are several bodies of water within the city of Medicine Hat; the South Saskatchewan River makes its way through the area, and the Seven Persons Creek and Ross Creek are also located in Medicine Hat. Due to the presence of these rivers and creeks, the landscape features plenty of valleys, cliffs and coulees.

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