Deciding what to leave your loved ones if you pass away is not something that should be taken lightly. In the unfortunate instance where you pass away, making sure you leave your loved ones with an adequate amount of money to settle your affairs and help them continue the same standard of living doesn’t have to be a daunting task.
Life insurance is a very important decision for individuals and business owners, and protecting your family or business from significant loss is something we take very seriously at Orr Insurance & Investment. Our Brokers will help you find the most appropriate and cost effective way to protect your most important assets.
In the event you pass away, who will be left making your mortgage/debt payments? We often suggest purchasing 10 or 20-year term life insurance to cover any major debts like mortgages, car loans, student loans, etc. Considering we’re talking about you not being here anymore, an important thing to think about is the payments your surviving family will inherit, typically the biggest being your mortgage payments.
Purchasing life insurance to cover a mortgage or large debt will help alleviate the strain of having to continue to pay that mortgage when you are gone.
Will your surviving family be able to continue the same standard of living without your income? This reason for purchasing life insurance ties into the above reason. If you only cover your mortgage with life insurance, what about everyday expenses your surviving family will need to continue paying without your income? Things like groceries, daycare, utilities payments, etc.. We will sit down with you and decide on a number that will leave your family with peace of mind that they will be taken care of for years after you pass away, and won’t have to worry about getting by on one income.
Would you like to pay for your children’s education in case you pass away? If you have young children who plan on going to college/university, you can leave them money to pay for school in the event you pass away. Aside from a mortgage, one of the longest standing debts a person will have is a student loan. Think of how better off your children would be if their school was paid for and they were able to begin their lives debt free right out of school.
Life insurance is more than a financial safety net for your loved ones – though it certainly is that. It’s also a unique financial asset that can solve some of life’s more perplexing financial problems, and it offers the potential of high yield and tax-favored benefits. And you might be surprised at how low the carrying costs are.
|Term Life Insurance||Permanent Life Insurance|
|10, 20, 25, or 30 year term insurance means that after 10, 20, 25 or 30 years the premium will increase if you renew the policy – the insurer has to renew your policy though, even if you’re uninsurable. At that time our Brokers would look at getting you a new policy for a better price or converting to a permanent policy.||Universal Life, Whole Life and Term-to-100 are permanent life insurance policies. There are many different ways to structure permanent life insurance policies, but most will have a level premium for life, and once you reach age 100 you would not be charged a premium anymore. These types of policies can also build a cash value, allowing you to cash out later on or stop paying premiums.|
Definitely. Insurers will look at your entire in force amount of coverage, but you can always replace an existing policy or purchase additional life insurance.
No. An individual life insurance policy through our Brokers will not go down as you pay off your mortgage – the amount of coverage will stay the same unless you change it.
No. When getting life insurance through our Brokers, whoever you name as beneficiary will receive the death benefit proceeds in a lump sum, tax free.
Yes. You can change your beneficiary(s) at any time.
Proudly serving southwestern Ontario, we are local, personal and available – family owned and operated, we live in the communities we serve so we care about our clients. Our job is to find you the best competitive combination of price, value and service from over 60 Canadian insurance and investment companies.
Your Orr Insurance Broker can help you determine the appropriate life insurance for you and/or your family, provide tips on how to prepare for retirement, and shop the market for the policy options and premiums that work best for you.
Or you can use the email form and one of our representatives will reply as soon as possible.