Life insurance in Vancouver that's surprisingly affordable

In Vancouver, life insurance policies work by covering a policyholder through an insurer (i.e. the life insurance company).

If you pass away during the term of your policy, your family can get a lump-sum payment from your insurer. This payout is also called a death benefit. Your family can use this payout to cover many of their everyday costs — from groceries to school books.

It can be worth getting life insurance in Vancouver if you have anyone that relies on you financially. Whether it’s your partner or you have young kids, a life insurance payout can help cover the cost of anything your family needs if you weren’t around.

With term life insurance, there are virtually no limits on what it can be spent on. Your family could use a payout for both one-time costs or month-to-month payments. Think mortgage payments, bills, groceries and bills, hobbies, funeral costs, and school and college fees.

The Insurance Council of BC regulates life insurance in Vancouver, British Columbia. They regulate life insurance agents and companies throughout the province. They help make sure agents and businesses are acting with integrity and providing a high-quality service.

The council offers regular education to licensed insurance providers, making sure they meet regulatory requirements. They also look into complaints and discipline any insurance businesses or companies that have acted out of line with Canada’s Financial Institutions Act and the council’s rules for good practice.

How much life insurance you need in Vancouver depends on you and your family’s particular needs. Say you have two kids, how much more money would your partner need to cover things like dance class, birthdays and keeping the college fund full? Or if your partner relies on you for finances, they could use tax-free lump-sum insurance payment on things like bills, mortgage payments, debt payments, etc.

The coverage you need depends on how much your family will need to cover everyday costs on one person’s income or pension. Dig out your calculator and see how much your family would need to cover these costs.

Consider getting affordable life insurance coverage with a term life insurance policy. Term life insurance is some of the most affordable life insurance out there. And the younger you are, the cheaper it typically is.