The Things You Need to Know About Life Insurance by Nestor Blumwald

Often times I get asked about life insurance and whether or not it is a good financial investment. Well, the answer is not as simple as you might think, but hopefully, these questions will help you form a good guideline to an answer.

Do you have financial dependents? 

If the answer is yes then, a life insurance plan is absolutely needed. If by chance you get into a work-related accident or get affected by an illness that causes you to stay out of work then you might find it very difficult to provide for your family. A life insurance plan will allow you to keep providing for your family.

Which type of life insurance do you need? 

There are two main types: whole life and term insurance. 
Whole life, as named, covers you for as long as you keep paying for the life insurance plan, and has the option of "cash value" which ascertains that this plan lasts for a lifetime.
Whole term is the most popular life insurance Plan. Whole term is a plan for 10, 20 or 30 years and is most widely used as it is also the cheapest.

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Location: Toronto, ON, Canada

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