Life Insurance
At Next Steps Planning Inc., we understand that life insurance can be a daunting topic, which is why we strive to provide clear and informative resources to help you navigate your options. Our articles dive deep into what life insurance covers and why obtaining it is essential for securing your family's future. As your dedicated Insurance Advisor, I, Marie Phillips, am here to guide you through the process, answer any questions you may have, and tailor a plan that meets your needs.
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Do you have enough life, disability and illness insurance? Find out before you need it
Most young people engage with insurance only when legally required—auto, tenant or home insurance.
Typical advice for saving on these types includes shopping around, bundling with other kinds of insurance, and raising your deductible to lower premium payments.
You can also ask for discounts, according to the Insurance Bureau of Canada: if you are mortgage-free, claims-free, or have upgraded your home against fire and flooding, you can likely get a better deal on your home insurance.
For drivers, installing a theft deterrent or a usage-based insurance app which tracks your driving habits can reduce your auto premiums. Keeping a clean driving record is also key, the bureau advises. Your broker or insurer can help find savings within your policy.
Non-mandatory insurance is a lesser-known game, however.
Which type of life insurance is best?
A little bit of knowledge can make a daunting task a whole lot easier to start—and that’s certainly true when it comes to life insurance in Canada. It’s a subject most people know little about until they actually decide to buy a policy, so we’re here to offer a little guidance on choosing the one that makes sense for you and your family.
The Importance of Reviewing and Updating Your Life Insurance Coverage as Your Family Grows
Buying a life insurance policy goes a long way toward protecting the people you care about. But the world doesn’t stand still. The amount that seemed sufficient five years ago may not be enough now, especially as your family grows and your situation changes. Reviewing and modifying your coverage regularly ensures your family’s financial safety net evolves alongside your life’s biggest changes.
Can Your DNA Change How Much You Pay for Life Insurance?
If you’ve taken a genetic test, life insurance companies can access that data either through your medical record, through data providers who buy it from at-home DNA test providers, or by requesting it from you. Insurers can use the results of that test to determine whether or not to offer you coverage and for how much. The data helps them statistically predict the likelihood that you’ll develop a medical issue that could shorten your life expectancy.
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