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Life Insurance in Northwest Territories

The Northwest Territories is a federal territory located in the northwestern part of Canada. It is bordered on the west by the Yukon Territory and on the east by Nunavut. The territory’s economy heavily relies upon geological resources such as petroleum, natural gas, gold and diamonds. Approximately 41,000 people live in the Northwest Territories, and unlike many other territories and provinces in Canada, Aboriginal people consist of more than 50 percent of the population. The majority of the people in the Northwest Territories speak English, although a total of 11 languages have been officially recognized in the territory.

It’s a peaceful life in the Northwest Territories, and residents know that in order to maintain a peace of mind to go along with the peaceful lifestyle, they should have life insurance. If you have a family, life insurance is an absolute must. If you, the primary wage earner, unexpectedly die, how will your family survive financially? Life insurance ensures that despite the tragedy, your family will be able to survive.

Most life insurance companies will ask you to undergo a medical exam before they will allow you to purchase life insurance. These medical exams generally check things like cholesterol and blood-sugar levels. In addition, life insurance companies may ask you for things like your medical history, driving record and credit rating. Things that may affect the price of your insurance policy include your health, your age and if you smoke.

There are two different ways to determine how much life insurance coverage you should purchase. The first method is called the human-life approach. With the human-life approach, you calculate how much income will be lost upon the death of the policyholder; make sure to include non-monetary benefits such as health insurance provided by an employer. The other method is the needs approach, which calculates how much money the family will need.

Questions about your existing life insurance policy?

Is your policy up for renewal, are you re-evaluating your coverage, or wondering if you need more life insurance coverage?

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When you’re shopping around for life insurance, make sure to purchase a policy that offers level-premiums. Otherwise, you may be in for a surprise later when the company suddenly decides to raise your premiums. Also, keep in mind that buying an insurance policy that covers you for your entire life may not be the best choice; some people find it more worthwhile to purchase term life insurance for a certain period of time and then switch to a different policy later on in life. Find out what will work best for you by discussing your insurance needs with a trusted financial advisor; it’s not the best idea to solely rely upon an insurance agent that only sells insurance for one particular company.

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