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Bundling Insurance: Working with an Agent

Keeping up with several monthly insurance payments can be a pain. A couple of years back, I found a way to simplify the process. By purchasing my home, life, and auto insurance with one provider, I went from three to one monthly obligation to track. It did take a little while to find the right provider. Even then, I had to compare different plans, and work with an agent to create the bundle. Now that it is in place, there is no doubt that managing the household budget is easier. If you are wondering about insurance bundling, let me share how I did it. Before long, you will also enjoy the peace of mind that comes with knowing you are covered and what it feels like to deal with only one monthly insurance payment.

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Bundling Insurance: Working with an Agent

Plan for the Future: Know the 4 Types of Life Insurance

by Dwayne Terry

Now that you have a family, you're doing everything you can to provide for their financial security. Part of that financial security should include a solid plan for the future, including the right life insurance.

You need to know that your family will be taken care when you're gone, especially if you have young children. When purchasing life insurance, it's important that you choose the right type for your needs. Here's what you need to know about four common types of life insurance.

Accidental Death

If you're on a budget and want to provide a safety net for your family, you may want to consider purchasing an accidental death policy. Although accidental death policies only cover deaths that are caused by an accident—such as automobile or common carriers like air planes or trains—statistics show that accidents are the leading cause of death among Canadians under the age of 45.

Term Life

If you want protection for more than just accidental death—but you still need to consider your budget—term life insurance may be your best choice. Term life insurance provides coverage against most types of death. Since term life policies are effective for only a predetermined amount of time, you'll need to choose the term when selecting your policy.

Most term policies are effective for 5, 10, or 20 years. Your premiums—the cost of your policy—will remain the same throughout the life of the policy. However, when you renew, your premiums will increase to reflect your age or current health issues.

Whole Life

Whole life insurance provides you with more flexibility. Most whole life policies will not have a term limit attached, although your premiums may increase as you age. One benefit to whole life policies is that they have a cash value, which allows you to borrow against the value of your insurance should an emergency arise.

Universal Life

Like whole life insurance plans, a universal life policy includes a cash value. However, universal policies also allow you to invest part of your premiums. That means you'll be providing your family with financial security and increasing your financial assets at the same time.

Planning for your eventual death can be an uncomfortable experience. However, when you have a young family, it's important that you provide them with sound financial security, and life insurance will allow you to do that. For further information, contact an insurance provider like Breckles Insurance Brokers Ltd.

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