Joint First-To-Die Life Insurance: Pros and Cons (Updated in 2024)
Did you know that a life insurance policy can cover more than one life?
One of these types of policies, joint last-to-die, pays a death benefit on the last death of two or more people.
The other, joint first-to-die, pays out on the first death between two people.
In this post, we will explore the advantages and drawbacks of joint first-to-die life insurance coverage and whether it offers the financial protection you need.
Joint Last-To-Die Life Insurance: Pros and Cons (Updated in 2024)
You might have heard that life insurance can cover more than 1 life.
One of these types of policies, joint first-to-die, pays out on the first death of 2 or more people.
The other, the topic of this post, is joint last-to-die.
As you can probably guess by its name, the insurance company pays out the death benefit when the last person on the policy passes away.
In this post, we will explore the advantages and drawbacks of joint last-to-die life insurance and whether you should use it.
Do You Need Life Insurance In Retirement?
Do you need life insurance after you retire?
Maybe you’ve been holding on to a policy for a long time. Or maybe you’re thinking of buying a new one.
Whatever the case, you’ll want to make sure you make the right decision.
In this post, you’ll learn:
-Why you need life insurance in retirement
-Why you don’t need it
-What type of insurance you should get
-How much insurance you need
And much more. Let’s get started.
Insuring the different stages of life
As we travel through the journey of life, our financial needs and obligations undergo constant change. For example, your financial obligations increase once you are married, and continue to do so as your family grows in size. It should come as no surprise that insurance varies in importance at different stages of life. Proper planning at each stage of life is necessary to ensure that you and your dependents are protected. Without knowing the risks and a plan to minimize the risk, you are potentially exposing your family to a financial disaster. Here are which types of insurance you should be aware of at each stage of life.
Should You Renew Your Term Insurance Policy?
Is your term insurance about to expire? Did you know that if you renewed it, your premiums are going to be 3-20 times more expensive?
What if I told you there was a better option than renewing it?
One that will let you maintain your coverage while keeping premiums affordable?
In this post, I’ll walk you through the options you have when your term insurance is about to renew and show you the one that will save you the most money.
Let’s get started.
21 Tips To Ace Your Life Insurance Medical Exam
So you just applied for life insurance. Now what?
Chances are, you will need to go through a life insurance medical exam.
What does it test for?
More importantly, how can you ace it and save thousands over the life of your insurance policy?
Here are 21 actionable tips to help you ace your life insurance medical exam.
Assuris: Protection For Your Insurance Policies
Have you ever wondered what would happen to your insurance policy if the insurance company became insolvent?
No? Maybe it’s just me.
But in case you’re worried, you’ll be glad to know that your policy is protected by an organization called Assuris.
What is Assuris and how much is the guarantee? Read on to find out.
How Much Does Life Insurance Cost? A Comprehensive Guide To Pricing
Did you know that the cost of life insurance in Canada can range from as little as $10 per month to over $300, depending on your age, health, and coverage type? Many Canadians are unaware of how affordable—or expensive—term life insurance can be, leaving them unprepared when it comes time to protect their loved ones.
Life insurance premiums aren’t one-size-fits-all. Factors like your age, gender, lifestyle, smoking habits, and even your hobbies can significantly influence your premiums. Understanding these nuances is crucial for making informed decisions and finding a policy that fits your needs and budget.
Whether you’re a young professional just starting out, a parent with growing responsibilities, or someone approaching retirement, there’s a life insurance plan tailored for you—and likely more affordable than you think.
In this guide, we’ll break down exactly how much life insurance costs in Canada, explore the factors that impact premiums, and show you how to find the best rates. By the end, you’ll be equipped with the knowledge to make a confident, informed choice. Let’s dive in!
Life insurance quiz: do you know the basics?
As part of the mandate of Life Insurance Awareness Month to raise awareness for all things related to life insurance, we want to do our part to educate our readers on the different aspects of life insurance. There aren’t many better ways of education than a knowledge test. Therefore, below is a short quiz on life insurance. Since the purpose of the month is awareness and not about passing the LLQP, the questions will be geared towards beginners.
September is Life Insurance Awareness Month
Life insurance can mean the difference between a family being dependent on the government for financial support or becoming self-sufficient after the provider of the family passes away. Many families who loses a loved one are not able to recover from its financial implications. Immediate expenses such as burial costs and legal fees coupled with the long term income requirement for living expenses can devastate a family financially. It may take years for the survivors of a family to recover from the death of the breadwinner of the family. Oftentimes, full recovery is impossible as a single parent is unable to keep up with the cost of raising a family alone. They may need to downsize their home, take out additional loans, cease contributions to education and retirement savings plans and do other things that reduce their standard of living just to get by.
