Table of contents:
What is life insurance?
Benefits of life insurance
Best life insurance for seniors in Canada
When you are living outside India in a country like Canada or the United States, there are chances that you will end up bringing your whole family with you to live a life in the West. There are many reasons why a family can decide to move from India to a different country altogether.
Those reasons might be financial, educational or related to work opportunities. But all set aside, people in India do feel the need to move out because of other countries’ better positions on the world stage.
There is no denying that India is rising to the occasion of becoming a world power in its rights, but there are still some problems that our young nation is facing. However, with the attitude and working models of the current government, we think that these shortcomings will be fulfilled very soon.
Today, we are going to discuss something that every Indian must consider doing when they move to Canada with their family and loved ones. When your parents move out to a different country, all their needs and requirements are your responsibility and that’s why, we have picked up this topic of the best life insurance for seniors in Canada.
We will discuss the benefits of a good life insurance package and what they can do for a family of immigrants in Canada. So, let us start with the topic without any delays.
What is a life insurance?
A life insurance plan is a necessity for you and your family if you are living in a Western country. This is so because the expenses in these countries when it comes to medical or dental treatments are highly volatile. They are probably three times more than what you would have to pay in an Indian hospital.
Plus, there are no easy payment schemes in Canada like in India. That’s why, medical tourism has taken such a huge stride in today’s times. as we have some of the best doctors in the world who are also less expensive than their counterparts in Canada.
That’s where life insurance comes in handy. Let us suppose, just suppose, okay? That you have a friend who has invited his family to Canada to stay with him and live a simple life there. But, because of some circumstances, your friend’s father had a heart attack and died unfortunately.
However, his son who is now well-versed in Canadian laws by now, had already invested in a life insurance plan for his father. Now, the insurance company that your friend got their insurance from, becomes liable to paying your friend an amount that had been discussed between the company and him before anything had happened.
To put it simply, this is what life insurance is in a nutshell. Your family gets a good sum of money after you pass away due to any medical reasons. Life insurance is a good idea all over the world and not just in Canada or India. Therefore, every working individual should invest in life insurance as it offers multiple benefits to the user.
Let us see some of the benefits that life insurance provides to the families of the deceased.
Large sums of money post-death: In case of an unfortunate death in the family, the insurance company becomes liable to the family of the deceased if he/she was a customer of that insurance company and had sorted out a life insurance plan with them all before anything had happened to him.
Continuation of businesses: The amount given to the family by these insurance companies cannot be restricted in Canada or anywhere else in the world. This means that the amount can be used in any possible way the family wants to use it. They can even use it to keep the business that the deceased owned in a running and working condition.
Support for the children: In cases of a senior of the family dying for natural reasons, there is always a shock and disheartening that surrounds the family. In these circumstances, a large amount of money can help them in many ways.
Funeral charges: If the deceased person’s family is not doing that well in Canada and is already struggling, then this sum of money can even help them in uplifting their lifestyle a little bit.
Debt repayment: In case your family has taken any debts from the market or a bank, this amount given by the life insurance company can help the family repay the loan amount that the deceased had acquired.
These are just a few of the benefits that having life insurance in Canada has to offer. Many of these scenarios are unheard of in the Indian society. Let us check out the best life insurance for seniors in Canada.
Best life insurance for seniors in Canada:
Any insurance plan that covers infamous medical conditions and easy insurance claims is a golden ticket for insurance seekers. Many insurance companies in Canada lure you into buying their packages, but once the time comes to pay the customer, they make excuses and delay the process in the hopes that the customer will get fed up and forget about his/her claims so that the company can save up some money.
You must stay aware of these fraud companies otherwise you can duped out of a lot of Canadian dollars.
Life insurance can help your family out in a huge way after you are gone and there is nobody else to take care of them. This is the best decision that you could make as a family man and as a parent for your loved ones.
Is life insurance expensive?
If you are in Canada, there are small sums that you have to pay every month that makes it easy for people to afford a life insurance plan
Can I get life insurance if I am 40 years of age and live in Canada?
Yes, you can surely get life insurance as you are a Canadian citizen. Just find the best-fit plan for yourself and live a carefree life.
Is life insurance good for my family too?
Yes, if someday in an unfortunate event, you have an accident and you pass away (just an example), then your family will get a good amount of money that they can use however they intend to use it.