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Income Provider: Get Peace of Mind With Income Replacement Life Insurance

According to research, more than one-third of Canadians don’t maintain life insurance. While skipping income replacement life insurance may save money in the short run, having a policy yields many benefits in the long run. If you’re on the fence about purchasing life insurance, look at how it works and the difference it can make after you’re gone.

What is Income Provider?

Life insurance for income replacement provides a monthly payment to beneficiaries after the policyholder passes. While many policies offer a lump sum immediately, this approach puts the responsibility of money management on the beneficiaries. A monthly payment breaks up the amounts into manageable chunks over time, ensuring the funds last as long as possible.

The payments are tax-free, ensuring your loved ones get their full use. Once the beneficiaries receive payments, they can apply the money however they deem best:

  • Medical bills
  • Mortgage payments
  • Food
  • Clothing
  • Schooling

You can even designate a portion to go toward debt. Many people opt for lump-sum payments because they make debt repayment easier, but Income Provider coverage offers the same advantage while earmarking funds for monthly distribution. This way, you can pay off mortgages, student debt, and medical bills while providing for your loved ones, giving them financial security during a difficult time.

Finally, Income Provider can help you save money compared to options for term life insurance in Canada. Income Provider guarantees a fixed rate until age 65, while term life policy rates tend to increase upon renewal.

Where Can You Get Helping Finding Life Insurance for Income Replacement?

EasyInsure can help you find the right policy offering life insurance monthly payments. With over 15 years in the insurance brokering business, we understand the intricacies of each type of life insurance, allowing us to recommend options that fit your budget and unique needs. Start your search by reaching out online or calling 1-800-679-2640.