Life insurance in Edmonton: financial protection that’s actually affordable

It’s typically worth getting life insurance in Edmonton because it can help provide you and your family with an additional financial safety net post-loss. Many of our customers mention the extra peace of mind they get by preparing for their financial future with life insurance.

While you may already have an emergency fund to cover unexpected costs like emergency home or car repairs, life insurance is another way you can help boost your family’s financial resiliency. Just like an emergency fund, your loved ones can use their tax-free life insurance payout to help afford their expenses as and when they need to.

Your family gets to decide how they spend their payout — not your insurer. From daycare to mortgage payments, your family can help cover their everyday expenses in the event you pass. Make life insurance part of your financial plan to help your family avoid unnecessary debt and pay for their day-to-day necessities.

The best type of life insurance in Edmonton depends on your income and life circumstances. There are three main life insurance products: universal life insurance, term life insurance and whole life insurance. Universal life insurance and whole life insurance are both permanent life insurance products.

With this type of life insurance plan, you get lifelong coverage. But this comes at cost; these types of policies can be 10x more expensive than a term life insurance policy – and the average Canadian family doesn’t need that much coverage.

Not everyone needs life insurance coverage for the rest of their lives. With term insurance policies, you’ll only need to pay for life insurance during the period you decide is the highest risk to you and your family. As an example, many people take out coverage while their kids are young as an additional safety net.

Life insurance isn’t mandatory in Edmonton, Alberta. Unlike car insurance, it’s not a legal requirement. But many people see life insurance as smart financial planning for their future.

Term life insurance can be a wise move for people with dependents. When you take out life insurance, you’re helping to provide additional financial support your family. Your family don’t have to stress so much about covering debt payments, the mortgage, or everyday expenses like bills and groceries.

If you don’t have children or a partner who depend on you, life insurance can still be a smart financial move.

There’s no single best age to get life insurance in Edmonton. You can take advantage of the benefits of life insurance whether you’re in your early 20s or close to retirement age. Life insurance can help provide additional financial security at any age.

But your life insurance premiums typically get more expensive as you get older. The older you are, the more likely you are to develop a health condition. This means you’ll pay more each month.

To save on life insurance, it can be most cost-effective to take out life insurance as soon as you start looking into it.