What is the Best Life Insurance

By , On , In General

… one that fits your goals and budget.

How can you find the best life insurance when there are literally 100’s of policy types and variations? Simple, ask yourself “why am I buying it?”…  buying the best Life Insurance can really be simple to narrow down your research, here is how you do it.

Most people buy life insurance because they love someone. Is this you? If it is, keep reading.

The best life insurance found in Kelowna BC is, life insurance that fits your goals.

6 Step – best life insurance Check-in with yourself:

  • If you died, do you want someone financially taken care of?
  • How long do you think you want to have Life Insurance?
  • Do you like basic or more versatile things in life?
  • Is your current policy type still appropriate?
  • When was the last time you shopped for a better rate?
  • Does your coverage serve your current goals?

In my plan, I use 5 life specific policies for different goals and reasons. A Universal Life policy which I bought when I was 23 (seemed expensive at the time, now the same policy is more than double for the same 23 yr old), I own a Great-West Life Whole Life policy, and I have 3 Term policies. I will explain why and how I am using them/planning to use them down the road. Also, I currently own all of these policies in my HOLDCO (I will explain later).

  • The Universal Life policy I bought when I was 23 is a fixed premium (never increases) and at age 100 the policy is paid off. This is used for my life insurance needs now but ultimately it will be for my estate. This policy I will pay for until age 100 no matter what.
  • The Whole Life Policy I am using as a form life insurance coverage as we still have some debt but this policy is special because on its 20th anniversary the cash value or equity will be higher than the premiums I have deposited into it.
  • The policy is what is called a 20 Pay – meaning it is paid off in 20 Years.
    • After 20 payments, I do not need to put any more premiums into it. I will choose to keep this paid off death benefit for my kids/grandkids or if I need cash for an opportunity, I can cancel the policy and take the equity it has built up.
  • The Term Policies are purely for short term needs with defined timelines – until my mortgage on my house is paid off and until my children are over age 20. When the mortgage is finished, I may lower some of the term insurance, when the kids are older and more self-sufficient I will most likely reduce my term coverage or CONVERT them to policies similar to my Whole Life or Universal Life policy.

If you have a corporation you should consult with myself or your accountant to see if it is beneficial to own, pay for, and have your corporation be the beneficiary of your life insurance.

You may be able to use your company dollars to pay for your life insurance, without losing the tax-free benefits.

DID YOU KNOW YOU CAN ‘RENT’ OR ‘OWN’ YOUR LIFE INSURANCE

In 1 click you can see what the best life insurance is for you – SWM Best Life Insurance Selector

If you are looking to get more information to see what the Best Life Insurance is for you, BOOK A Personal and Confidential MEETING RIGHT NOW.

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