Tips for saving on life and health insurance

Mortgage payments, car payments, property taxes… With so many demands on your cash flow, wouldn’t it be great if there was a way to get the protection you need for less?

There is. In fact, there are a number of ways to make life and health insurance more affordable, as the following examples show.

Mandy, single parent

Mandy, a single parent with two young children, has life and health insurance through her employer’s group plan. As the sole income-earner, Mandy needs to be careful with her money, but she knows how important it is to protect her children in case something happens to her.

Her group plan doesn’t include critical illness insurance, so she purchases her own. To keep the cost down, she chooses a policy that covers the three most common critical illnesses (cancer, heart attack, stroke) over a policy that covers more than 25 critical illnesses. She also opts for an economical 20-year term instead of coverage to age 75. That way, she knows her family is protected until the children are grown.

The Robinsons, self-employed

Lorne and Viola are real estate agents with three young children. Lorne works only part-time at the moment so he can stay home with the kids during the day, but he plans to go back to full-time when the kids are a little older.

With three kids, the Robinsons know they need life insurance. They’d like to have permanent life insurance, to give them protection for life as well as financial flexibility in their later years, but the higher premiums just don’t fit their budget.

Their solution is to purchase term life insurance that they can convert to permanent when Lorne goes back to work full-time.

Wilson and Lucia, nearing retirement

Wilson and Lucia are committed to preserving a sizable portion of their wealth for their grandchildren. They don’t want to risk any of that future inheritance being eroded if one or both of them should need long-term care.

Wilson and Lucia purchase long-term care insurance in a cost-effective way – their policy provides a return of premium. If they don’t ever need long-term care, the amount paid in premiums goes to their grandchildren, named as beneficiaries. Either way, the inheritance amount is preserved.

The above are just a few examples of how insurance can be made more affordable. Different types of insurance offer different ways to save. With disability insurance, for example, you can lower premiums by choosing a longer waiting period or a shorter payout period. Whatever your needs, we can help you get coverage that fits you and your budget.


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