4 Benefits of Having Life Insurance at Any Age
Life brings both planned milestones and unexpected challenges, from career shifts and growing families to changes in health, income and financial obligations. Whether saying “I do,” purchasing a home or preparing for retirement, everyone should consider life insurance. Here are four benefits of having life insurance.
Help protect the financial security of your loved ones
“It's hard to plan for the unexpected because the thought of losing a loved one is difficult,” says Annie Campoli, vice-president of distribution, life and health at TD Insurance. “Unfortunately, life doesn’t always go as planned. When a loved one passes away, life insurance can step in to help provide financial security for your family.”
Even without children in the picture, responsibilities like a co-signed mortgage or student loan could leave your spouse, partner or parents facing financial hardship. Should you pass away, life insurance can help by paying a benefit to your selected beneficiary who can use it however they choose—whether it’s for funeral expenses, day-to-day living costs, paying off debts or even long-term financial goals like paying your children's university education in the future.
Less expensive insurance premiums when you’re young
“Even if you’re still swiping right to find your best match or paying off student loans, it’s still important to start thinking about life insurance,” Campoli says. Typically, the younger you are when you get life insurance, the lower your premiums could be. For example, a healthy 35-year-old female non-smoker pays $14 a month for $250,000 of coverage on a TD 10-Year Term Life plan. Generally, younger applicants have a higher chance of being approved without having to undergo an extensive medical exam.
Tax-free payout for beneficiaries
Another benefit of a term life insurance claim is that the payout your selected beneficiaries receive is tax-free. That means the entire sum goes directly to your beneficiaries without being reduced by income taxes, allowing them to use the complete funds however they want. In a time of need, getting the full amount of the term life insurance benefit can really help.
Finding a policy that’s right for you
With TD Insurance, you have choices when it comes to the type of term life insurance you can apply for. You can choose a TD Term Life Insurance policy, which provides coverage for a specific period, such as 10 or 20 years. A Term 10 policy could be suitable if you have shorter-term financial responsibilities, like a car loan, while a Term 20 may be what you need if you have longer-term financial responsibilities, such as young children or a mortgage. TD Term 10 or 20 Life Insurance policies automatically renew at the end of each term until you turn 80. Another type of life insurance policy is the TD Term 100 Lifetime Coverage option, which lasts for your entire life, with premiums guaranteed not to increase.
Get a quote by visiting the TD Insurance life insurance website, or try the Life Insurance Calculator to help you calculate how much TD Term Life Insurance you may need to help you choose a policy.