Life Insurance Vancouver | Why You Should Buy Life Insurance

All over social media, there are crowd-funding campaigns dedicated to helping individuals and families who are facing health problems, or a sudden death and need help. Life insurance Vancouver expert Thomas Chan, says it’s more common than many people realize. Families who are suffering through an extremely sensitive time, and don’t have the funds to help them. The most heart breaking thing about the scenario, is that it’s completely avoidable.

The reason why you should buy life insurance, is to give yourself and your family the much needed financial help after an accident, injury or death.

One of the most common reasons why people do not have life insurance, is that they often believe they have time. From being young, and not realizing that unfortunate circumstances actually do happen to people their ages. To people who believe that this type of coverage is out of their price range. The good news, however is that the younger you contact a life insurance Vancouver expert like Thomas Chan, the less expensive it will be.

As you age, and develop various health conditions, insurance is more costly. Therefore, it’s best and most inexpensive to get while you’re young. Then, as you age, you have the assurance that you are covered if anything happens. As well, says Thomas Chan, the importance of why you should buy life insurance increases as you age.

Here are the top four reasons why you should buy life insurance coverage:

  1. Income replacement
  2. Pay medical expenses
  3. Pay for funeral arrangements
  4. Life insurance payments are non-taxable

Income Replacement

Whether you have a spouse, children or a large nuclear family, you will want to ensure your family can make ends meet if you are sick and unable to work. Or if you pass away, according to Thomas Chan, life insurance Vancouver expert. They will have to continue paying for bills, mortgage or rent, groceries and more. Is your spouse or family able to make their ends meet independent of your income? If not, this is why you should buy life insurance Vancouver coverage for your family.

However, even if your family is able to make ends meet without your income, think about all the extra expenses that may come up. They may need to eat in restaurants, especially if you have various treatments. There will likely be more driving, to and from hospitals and treatment centers, gas, parking and wear and tear on the vehicle will be an unexpected cost associated with treatment. Ensure your family can get through whatever difficulties they are getting through with a life insurance Vancouver product.

Pay Medical Expenses

If there has been an accident or injury, there may be a lot of medical expenses. Even if your family is fine without your income, says Thomas Chan, the life insurance Vancouver expert. Medical expenses are usually very steep, and can add up very quickly. Avoid having to crowd fund your treatment, or adding unnecessary stress to the already very stressful situation. Life insurance products ensure that you don’t have to worry about how to pay for any treatment, no matter how large or small it is.

Pay For Funeral Expenses

Much like getting a will, many people don’t even think about the possibility of passing away. Whether they don’t think about it – many people tend to believe they will live a long time. Or if it simply doesn’t cross their mind, many people end up passing away, and leaving their family scrambling. Funerals are not only already very expensive, but depending on your last wishes, carrying them out may be more costly than you realize.

Avoid putting your family in a position of crowd funding a funeral, and leave that for start up companies and products says life insurance Vancouver expert, Thomas Chan.

Life Insurance Payments Are Non-Taxable

The best thing about the life insurance money your family gets, is that it’s one hundred percent tax free. Every single penny that you leave your loved ones will go to them. Allowing them a lot of peace of mind, and no additional hassle at the end of the year for tax returns.

While there are many reasons why you should buy life insurance Vancouver, contact the expert, Thomas Chan and his team. They can walk you through the various products, and ensure that no matter your age, budget or needs, you will be able to walk away with significant peace of mind, knowing that even in a worst case scenario, your loved ones will be cared for, and can focus on healing.

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This means the money can help supplement your spouse or children’s retirement income. Or be put into savings for your child or grandchild’s further education. You may be able to help your spouse, child, or grandchild pay off the mortgage of their home. This is after medical expenses and funeral costs have been taken care of. Although nobody wants to think of getting injured or worse, it’s a far worse situation to leave your family scrambling. Contact life insurance Vancouver expert today!