Did you know that more than one-third of Canadians don’t maintain life insurance? While skipping income replacement life insurance can save money in the short run, having a policy yields countless benefits in the long run. If you’re on the fence about purchasing life insurance, it’s crucial to understand how it works and the significant difference it can make after you’re gone.
What is Income Provider?
Income replacement life insurance, also known as Income Provider, offers monthly payments to your beneficiaries after you pass away. Unlike policies that offer a lump sum, distributing the funds monthly makes money management easier for your loved ones. The payments are tax-free, ensuring that your beneficiaries get the most out of each payment.
Once beneficiaries receive the payments, they can use the money however they see fit:
- Medical bills
- Mortgage payments
- Food
- Clothing
- Schooling
You can even designate a portion to go toward debt repayment. While many people opt for lump-sum payments to handle debts quickly, Income Provider coverage distributes funds monthly, earmarking them for specific uses. This gives your loved ones financial security during a difficult time, allowing them to cover essentials and tackle debts such as mortgages, student loans, and medical bills without overwhelming them with financial decisions.
Additionally, Income Provider can help you save money compared to term life insurance options available in Canada. Income Provider guarantees a fixed rate until age 65, while term life policy rates often increase upon renewal.
Where Can You Find Help with Life Insurance for Income Replacement?
EasyInsure can help you find the right policy offering life insurance with monthly payments. With over 15 years of experience in the insurance brokering business, we understand the intricacies of each type of life insurance. This expertise allows us to recommend options that fit your budget and unique needs. Please reach out to us if we can help you. 1-800-679-2640 or email:
info@easyinsure.ca.