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Comox Valley
Life Insurance
Custom Insurance Plans in the Comox Valley
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Competitive Plans
As an insurance brokerage we compare plans from multiple providers. Doing the due diligence for you and securing the best rates for your specific needs.
What is This Insurance For?
The simplest form of life insurance pays out a tax free sum of money to a named beneficiary upon death. Our Needs Analysis tool gives you peace of mind to find what coverage your family needs. We can’t predict the future, but we can make smart financial decisions that will impact others. This insurance is coverage that can be used when life’s uncertainty presents itself. Whether your loved ones will use the money to pay off the rest of the mortgage or use it towards a college education, the future financial pressure can be taken care of.
What is Comox Valley Insurance and What Do We Provide?
Through our insurance services, we help you establish a contract that will provide you with insurance coverage that is based on your payment of premiums. Our licensed agents will work closely with you to secure the policy that puts your mind at ease. You will be asked to name a beneficiary that will receive your benefits upon your death once they have provided proof of your death (usually by way of a death certificate). These funds can be spent at their discretion, whether it be for your funeral expenses, paying off medical bills that were accrued during an illness or for the future (mortgage and monthly bills).
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There are different types of policies that you can choose from, depending on what you’re looking to achieve. It’s a good idea to learn about these different options so you can ensure you’re making the best decision possible regarding your insurance coverage. We’re here to help you throughout the process.
The Benefits of Insurance
Though there are many things that may be going through your mind as you consider signing up for an insurance policy, most people take a few factors into consideration. Chances are you have family members or a partner that would benefit from this payment when you die. The purpose of that money usually falls into one of three categories, final expenses, income replacement or estate funding.
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Life insurance is necessary if you want to protect the financial stability and future of your loved ones. This is a financial safety net for your family members upon your death. When you purchase an insurance policy, you contribute regular premiums towards a lump sum payment that is paid out if death occurs. This is an unfortunate event that many of us don’t want to think about, but it can bring you a great deal of peace knowing that your loved ones are taken care of long after you’re gone.
Final Expenses
Even if you want a very simple funeral and burial, it can cost thousands of dollars to complete this process. Regardless of whether you want to be buried in a casket or cremated, there are different costs that your loved ones will incur. A lot of people choose to purchase a minimal insurance policy just to cover these expenses so nobody else has to worry about coming up with the money necessary.
Replacing Income
If you’re going to be leaving behind a spouse and children when you die and you were the breadwinner for the family, your loved ones will be in a challenging place financially when you’re gone. A life insurance policy can cover any lost income that would impact their standard of living. The money can be used towards paying for the house, schooling, groceries, utility payments and so much more.
Needs Analysis
We execute a Needs Analysis to recommend the amount of insurance that you want to secure, all depending on what your own personal situation is. Some people receive limited life insurance through the company that they work for, but this coverage is not often enough. You may determine that you would like more protection for your loved ones.
We look at the size of your family. Of those people, how many are bringing in income? How much debt is currently in place? Essentially you want to take into consideration all of the expenses that are in place, and whether or not there would be enough money to cover those expenses if your income was gone.
Why Choose Us?
When you choose Comox Valley Life Insurance for all of your insurance policy needs, we have your best interest at heart. We’re not interested in pressuring you into a policy. Rather, we want to help you make this important decision that will impact your loved ones for many years into the future. We pride ourselves on providing you with superior insurance support.
We’ve worked in this industry for many years, which is why we feel that we can help you with all of your insurance needs. Research is necessary when you’re making a big monetary decision. We have the knowledge and expertise needed to answer all of the questions that you have. Let us guide you through this process so it doesn’t seem so overwhelming.
What is it that you want to provide to your family when you’re gone? Most people would say that they want to provide enough money for their family to stay in their current home and continue living the way that they do. If your spouse currently stays home to take care of the children, you may want them to continue doing so until the kids are older. Envision what the future looks like without you, as uncomfortable as that may be.
We know that this process can quickly become overwhelming, which is why we’re here for you. We’ll help to break everything down, so you understand your insurance options.
What Services Do We Provide?
All life insurance policies have the same concept of paying out a death benefit when something happens to you. However, there are a few different types of insurance policies that function in different ways and provide different benefits. This long-term protection is a lot different than short-term benefits that you may be purchasing for things like homeowner’s coverage, disability insurance or critical illness insurance. As long as you continue to pay your premiums, your insurance coverage will continue.
Term Life Insurance
Term insurance is a type of insurance that provides payment if the specified person dies within a certain amount of time. You determine what that time frame is. It could be ten years, twenty years, etc. Once that term expires, you have the option to renew the policy or let it run out. You can also choose to sign up for a completely different insurance option.
Knowing the right term to choose is important. If you are a young family that is just starting out, then you may feel that there is a greater need for this insurance when your children are young. After you reach a certain age, there may not be as many expenses to worry about. Also, your spouse may have gone back to work after the kids were school age. A single parent may feel that a large amount of insurance is needed while their children are very young. This is the most affordable insurance option to consider, but it provides you with peace of mind during the most crucial point in your life.
Universal Life Insurance
This permanent insurance option will last for your entire lifetime. It has the ability to save large amounts of money with low premiums. You get a lot more flexibility with this option; allowing you the freedom to adjust your benefits. It functions like a savings account. You accumulate cash value plus interest. Your policy may allow for you to access a portion of your cash value without having any effect on your guaranteed death benefit. You just have to be careful of any fees that exist when you make early withdrawals.
Permanent Life Insurance
Once you’ve ended the critical point in your life when you’re worried about high payouts, you may still feel there is a need to have insurance in place. You will still have expenses, and you may want to provide your spouse with coverage in the event of your passing. If you’re not yet ready for retirement, you’re at a point in your life when insurance is still beneficial. You’re combining a savings component along with death benefits with this option. Essentially, permanent insurance is an umbrella term for the various policies that do not expire.
Critical Illness One Time Payout or Monthly Disability Policies
We can really help you structure a policy based on what you feel would be most beneficial to you and your family. A one time payout is often part of critical illness plans. You receive one large sum of money after your diagnosis. That money is yours to delegate to different expenses. You may not know how long your situation is going to last, so it may become confusing to budget the money accordingly.
If you opt for a monthly disability policy, you’ll be given a set amount of money each month just as you would a paycheck. You will be able to use the money for whatever expenses have come up over the course of that money. You should take a look at what your monthly expenses are, and your policy can be structured around this needed amount.
There is a lot to take into consideration when you’re thinking about signing up for an insurance policy that will be used after your death. This is a very selfless act that will help to protect the future of your family and loved ones. Our team here at Comox Valley Life Insurance is ready to walk you through the process so you’re choosing the appropriate policy at a comfortable price point. Give us a call, and we can provide you with more information on our different policy options.