One of the many existential questions every individual will ask themselves at some point in their life is, “What will happen when I die?” Of course, there is no answer to that question as every individual goes through different scenarios in life and there is no way we can predict our future. However, if there’s one thing we can control for our future, it’s purchasing life insurance as it’s a crucial element of financial planning.
According to a survey conducted by Ipsos-Reid, on behalf of RBC Insurance, there are seven in ten (70%) Canadians who have life insurance, while three in ten (30%) do not. 50% of these Canadians said that they purchased their life insurance on their own, while 25% have said that they have coverage from work and their own and the remaining 25% said that they only have life insurance coverage through work.
By purchasing life insurance, it will protect and provide coverage for your family and loved ones by giving them a tax-free payment after you die. It should be noted that insurers will base your rate depending on your circumstances and needs. The cost of life insurance you purchase as an individual also depends on your age, gender, health, medical history and lifestyle. Meanwhile, below are the types of life insurance available: