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Jan 12, 2022

6 min. read

If you’re expecting a baby, buying a new home or planning to retire, life insurance can give you peace of mind knowing what matters most to you is looked after. But it can also be confusing with so many options. Here are four questions you should ask about life insurance policies.

Why do I need life insurance?

People have many reasons for needing life insurance: they have financial obligations like paying for post-secondary education or carrying a mortgage. They may need to protect a business or want to leave an inheritance and continue to support a charity after passing.

No matter the reason, life insurance can provide comfort in knowing that after you have passed, you are able to continue to support your family. It is also good to know that the money you leave to your beneficiary is tax-free.

CCG Advisory Services can assist you with this process.

“Our team is here to help you understand your options and will be there to help every step of the way so you’re well informed and well protected,” says Dwayne Williams, AVP of Life and Health insurance with CAA Club Group.

If you’re a stay-at-home parent—or would leave one behind in case of an early demise—life insurance can pay off a mortgage, provide a source of income that could be used to pay monthly bills or even cover long-term expenses, such as critical healthcare.

What coverage is right for me?

Your advisor can help you pick the policy and coverage that’s best for you. At CCG Advisory Services, CAA’s advisors have access to hundreds of life, illness and health insurance solutions from well-known and reputable Canadian companies. CAA believes that giving you the right advice is the most essential part to getting you the right insurance solution.

“We make it simple and take confusion out of the process,” Williams says. “Our life insurance policies can offer individual protection, or protection for every family member, under one policy.”

Can I afford it?

Many people overestimate the cost of life insurance. Basic policies can start from as little as $10 a month, depending on your situation. That is why it is important to talk with a Licensed Insurance Advisor so they can gain an understanding of your life and your needs. They will ask you several questions about your current personal, financial and insurance situation, in order to provide the right solution at the right price for you.

When should I start?

The earlier you get started with life insurance, the better. It’s more affordable the younger you are and you can change your policy at any time. It’s also possible to cover your children or grandchildren and transfer the policy to them later.

“As life changes, so can your policy,” Williams says. “We’ll be there throughout your life to celebrate your milestones and provide support along the way.”

Get Coverage

Connect with a Licensed Insurance Advisor here at CAA for a complimentary financial protection review by calling 1-877-222-0060 or by booking an appointment at caaforlife.com.

Image credit: RgStudio/iStock

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