Newfoundland and Labrador Life Insurance Guide
Newfoundland and Labrador is the easternmost province in Canada. Previously, the province was simply known as Newfoundland; Labrador was added to the name in 2001. When the area was first claimed by the Portuguese in the 16th century, it was known as Terra Nova, which roughly translates to “New Found Land,” hence the current name of the province. Major industries in Newfoundland and Labrador include service industries, mining, oil, agriculture, aquaculture, fishing, tourism and manufacturing. Over 500,000 people reside in this province, and the overwhelming majority of them live on the island of Newfoundland. Newfoundlanders and Labradorians know that if they want a secure financial future for their families, then they should invest in life insurance; here are some helpful tips for the first-time life insurance buyer.
Many people don’t realize that the best time to buy life insurance is when you’re young. The reason for this is because life insurance premiums are based on your age and health at the time that you purchase the policy. If you buy life insurance as a healthy young person, you’ll get quoted excellent rates because the chance of you dying and the company being required to issue a payout in the near future is low. The company will be happy to give you a lower rate because they anticipate being able to collect premiums from you for a long time. However, if you buy life insurance when you’re older or in bad health, your premiums will be higher. Don’t wait until the point where you actually might need life insurance; get it out of the way early so you can cut down on years of worrying and save thousands of dollars in the long run.
Another helpful thing to realize is that you shouldn’t be cheap when it comes to buying life insurance. You can purchase cheap airline tickets on sketchy travel websites and buy low quality toilet paper, but you do not want to skimp when it comes to your family’s future. If you are the primary breadwinner for your family, make sure you have enough life insurance to cover their needs. The nice thing about some forms of life insurance is that you can raise or lower your coverage throughout your life depending on your needs. For example, if your children are young, then you’ll need additional coverage. Once they’ve gone out into the world on their own, you won’t need as much coverage. Thus, you can save money by purchasing a 20 year term life insurance policy and then switching to a different form of insurance when it’s just you and your spouse.
In this day and age, people have a major advantage over their parents and grandparents when it comes to buying life insurance. 50 years ago, it was difficult to compare quotes and get the best deals; however, today, the Internet makes it easy to get price comparisons and avoid pushy salespeople. Take advantage of online resources to get the best deals; don’t rely on an insurance agent that specializes in selling insurance exclusively for a single company.