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Oct 28, 2022

6 min. read

Six tips for choosing and maintaining the right life insurance policy

How would you rate your life insurance know-how? Whether you’re buying your first policy or haven’t thought much about the one you already have, you can benefit from speaking with an experienced Licensed Life Insurance Advisor from CAA Club Group Advisory Services. It’s another way CAA supports and protects Manitobans. “We’re here to provide unbiased advice, education and choice,” explains Dwayne Williams, AVP of Life and Health Insurance at CAA Club Group. Here are his top tips to optimize your coverage.

1. Eye your objective

What would you like the policy proceeds to do? Provide for your loved ones, pay off any outstanding debt, donate to your favourite charity or simply cover funeral expenses? Determining this will lead you to the ideal policy to help achieve all of your desired objectives. “And try to review your plans regularly,” Williams adds.

2. Buy early

Rates are lower the younger you are. “When you’re young, you are usually healthier,” Williams says, “and you qualify for more insurance than you would as you mature.” Also, when purchased earlier, policies with a savings component have more time to add contributions and a greater chance to grow and add value.

3. Explore options

“Life insurance is about maintaining your standard of living, providing options and giving you peace of mind,” explains Williams. To find the ideal policy for your unique needs, CAA Club Group Advisors have access to hundreds of insurance solutions from reputable Canadian insurance companies to protect you and your family.

4. Keep it affordable

“Don’t look for the lowest price. Instead, look for the most affordable policy based on your unique needs and situation,” he advises. Policy premiums shouldn’t strain your budget. “Life insurance is very much about making sure that you’re getting the right coverage, offered at a price you can afford.”

5. Always reassess

Change truly is constant—from education to marriage to children to buying a home. “Our Advisors can walk you through a needs assessment to see if things should be tweaked,” says Williams. It’s such a simple financial exercise that determines if you have the right amount of insurance for your current needs and future objectives.

6. Tell people

Life insurance gives beneficiaries cash right away to cover funeral expenses, financial obligations and other immediate needs. “If you’ve purchased a policy to protect loved ones, let them know where to find it,” Williams says. “That makes it easy for them to execute your plan, which can be comforting when dealing with a difficult loss.”

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