Leave Your Legacy: Life Insurance Prince George

Buying insurance can be difficult. What policies work best with your budget? Will you have enough coverage? How much coverage is too much coverage? And this insurance shopping can become especially challenging when weighing your options for life insurance. When it comes to life insurance, you must also ask yourself whether your loved ones would be financially impacted should something happen to you. If you answered yes, Nauroth & Associates Insurance Brokers Ltd. recommends getting life insurance in Prince George so you can protect your family from financial burdens when you’re gone. Life insurance offers financial security to your loved ones by providing a tax-free payment to those you designate as your beneficiaries.

How Life Insurance Can Benefit You

Easing the financial burdens of family members after a loved one has passed is just one of the many reasons to get life insurance. Other benefits include:

  • Being able to leave an inheritance – A life insurance policy allows you to create an inheritance even if you don’t have any other assets. You can name your children as beneficiaries and help build them a more solid financial future.
  • Paying off certain debts and expenses – If you have outstanding debts, like a mortgage or a car loan, life insurance can help your family pay off these expenses. These expenses can also include funeral and burial costs. 
  • Supplementing retirement – A life insurance plan can help supplement your retirement savings. You can put money in an annuity, similar to a pension plan, so that you will still have a steady stream of income every month after you have retired. 
  • Obtaining peace of mind – Lastly, setting up a life insurance policy brings peace of mind knowing that your family will be taken care of when you’re gone. While no amount of money can replace the people we love, even a small policy can help in difficult times.

The Types of Life Insurance in Prince George

Your coverage will vary depending on the type of life insurance in Prince George you choose. At Nauroth & Associates, our brokers can help you find the right policy that fits your circumstances and needs, taking into account your age, gender, health, medical history, and lifestyle to determine what works best.

There are several types of life insurance available, but the two basic categories consist of:


Permanent

There is no end date with permanent life insurance and your premium never changes. Types of permanent insurance include universal and whole life insurance.

  • Universal – This insurance offers flexible premiums that can be adjusted each year with the ability to borrow from the cash value it accumulates
  • Whole – This life insurance is for your whole life with a level premium, protecting your family while building cash value


Temporary

With temporary life insurance, there is a policy end date as well as the possibility that your premiums will increase over time. Term life insurance is a type of temporary insurance.

  • Term – Term life insurance gives you fixed-rate coverage for a specific amount of time (e.g. 10 or 20 years); this insurance covers finances in the case of premature death, including finances like mortgages, income loss, and debt protection

Choosing the Right Life Insurance 

You may be wondering which life insurance type is right for you and your family. If you only need life insurance for a fixed amount of time, temporary life insurance may be what you need. This type of insurance could be used to cover certain debt, like paying off a mortgage so that your dependents don’t have to. On the other hand, if you want to make sure your beneficiaries receive some kind of death benefit after you have passed permanent life insurance is your best option. Furthermore, you are able to accumulate a cash value for your permanent insurance. However, your premiums will be higher than term insurance policies because this type of insurance never expires.

Not sure which life insurance option is best for you? Contact Nauroth & Associates Insurance Brokers Ltd.

See the Experts


We allow you to relax and enjoy life while we take care of your insurance needs.

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 250-562-1157

 250-563-0154

 mail@naurothinsurance.bc.ca

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