Life insurance: Dos and
don’ts for Canadians
You wouldn’t drive your car without car
insurance. And, when you move into a home, you wouldn’t
skip out on home insurance. Why are many Canadians living without
life insurance? When the accidents of life occur, life insurance is
there to make sure your family is protected and can maintain the
lifestyle they are accustomed to. Be proactive and get protected.
TD Insurance provides its list of dos and don’ts for life
insurance to help you get started.
- Do buy what you need. Select the options you
need to create a personalized policy, such as a living benefit if
you become terminally ill or a waiver of premium options if an
injury or illness prevents you from working.
- Do speak to a professional. Insurance
professionals, like those at TD Insurance, can help answer all of
your questions clearly so that you can make informed decisions and
get the right policy for you.
- Do keep it simple. Term life insurance is a
simple form of insurance and, with affordable premiums, can fit
into just about any budget. It provides your family with tax-free
income that can cover household debts, capital gains taxes or help
set up a fund for emergencies.
- Do live a healthier lifestyle. Calling all
smokers. Now is the time to quit. Maintaining a healthy lifestyle
and having a safe occupation and hobbies will make you a better
candidate for insurance and help bring your premiums down.
- Don’t rely on group workplace insurance to
cover your needs. If you leave your job, you’ll
probably lose coverage, so read the fine print.
- Don’t forget to name a beneficiary.
Naming a beneficiary means that the insurance money goes straight
to the named person without any probate fees, rather than to your
- Don’t do it alone. A good insurance
company will help you when you need it most with tasks such as
reviewing your policy, changing the beneficiary, helping the
beneficiary file the claim in the event and more.
- Don’t procrastinate. Life insurance
is an intangible, so it’s easy to put it off because
you’re not receiving immediate value or you’re
not sure what you need. It can help you protect what you have, plan
for the future and be prepared for the unexpected.
For more information about life insurance, visit www.tdinsurance.com or call