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There are also different types of life plans with many different options.
In addition, mistakes can be made when enrolling for a life insurance plan.
Please use the following to avoid the most common pitfalls when shopping for life insurance.
Note that we highly recommend talking to a Canadian Life Insurance Advisor. It is an Advisor’s responsibility to know the different life insurance plans available to Canadians and to fit an appropriate plan to a client’s particular situation.
Mistake #1: Getting the Wrong Amount of Coverage
The purpose of a life insurance plan is to protect loved ones in case the insured passes away. In order to accomplish this, however, it is critical to know how much coverage is required to protect those loved ones.
A good estimate takes into account things such as:
• How many children you have…