Nobody likes to think about life insurance yet it’s one of the most important thing you should get in your life. Life insurance policies gives your family the promise of protection; secure their future even when you are not around to take care of them. Life insurance is a unique investment tool that helps you to meet your dual needs – saving for life’s important goals, and protecting your assets. In the event of an unfortunate event, life insurance proceeds can take care of outstanding debts such as mortgage payments, pay the day to day bills, pay for your child’s education or marriage and support the surviving family members for any financial burden absolutely tax free upon your death.
How much do I need?
Different people have different needs and responsibilities in different phases of life thus there is no single insurance solution that can suite everyone. Therefore, it is utmost important that you should analyze your current individual financial situation and consult an expert to get an overview of present financial position and plan for your future needs.
One of the most important ways to help protect your family…
Inspired by life – get a free no obligation quote in greater Toronto area -> Contact us
One of the most important ways to help protect your family…
Inspired by life – get a free no obligation quote in greater Toronto area -> Contact us
I have a benefit plan through my employer, so I do not need any other insurance.
Employer-provided plans are very good but they are not transferable so in case you leave your employer then you might left with no coverage during a job change or upon retirement. It is always advisable to get help from an expert on your current coverage and plan for future changes in life.
We have right plan for you….
TRIKA Financials offer life insurance solutions from best insurance companies in Canada. Since each individual/family has different needs and goals so there is no single insurance plan can fit everyone. Thus we at TRIKA Financials provide you with insurance plans that can be tailored to suit your budget, lifestyle and needs at every stage of life—and offers the flexibility to make changes as your needs evolve.
Need for Life Insurance
Today, there is no shortage of investment options for a person to choose from. Modern day investments include gold, property, fixed income instruments, mutual funds and of course, life insurance. Given the plethora of choices, it becomes imperative to make the right choice when investing your hard-earned money. Life insurance is a unique investment that helps you to meet your dual needs – saving for life’s important goals, and protecting your assets.
Let us look at these unique benefits of life insurance in detail.
Asset Protection
From an investor’s point of view, an investment can play two roles – asset appreciation or asset protection. While most financial instruments have the underlying benefit of asset appreciation, life insurance is unique in that it gives the customer the reassurance of asset protection, along with a strong element of asset appreciation.
The core benefit of life insurance is that the financial interests of one’s family remain protected from circumstances such as loss of income due to critical illness or death of the policyholder. Simultaneously, insurance products also have a strong inbuilt wealth creation proposition. The customer therefore benefits on two counts and life insurance occupies a unique space in the landscape of investment options available to a customer.
The core benefit of life insurance is that the financial interests of one’s family remain protected from circumstances such as loss of income due to critical illness or death of the policyholder. Simultaneously, insurance products also have a strong inbuilt wealth creation proposition. The customer therefore benefits on two counts and life insurance occupies a unique space in the landscape of investment options available to a customer.
Goal based savings
Each of us has some goals in life for which we need to save. For a young, newly married couple, it could be buying a house. Once, they decide to start a family, the goal changes to planning for the education or marriage of their children. As one grows older, planning for one’s retirement will begin to take precedence.
Clearly, as your life stage and therefore your financial goals change, the instrument in which you invest should offer corresponding benefits pertinent to the new life stage.
Life insurance is the only investment option that offers specific products tailor-made for different life stages. It thus ensures that the benefits offered to the customer reflect the needs of the customer at that particular life stage, and hence ensures that the financial goals of that life stage are met.
The table below gives a general guide to the plans that are appropriate for different life stages.
| Life Stage | primary Need | Life Insuranceproducts |
|---|---|---|
| Young & Single | Asset Creation | Wealth Creation Plans |
| Young & Just Married Married with kids |
Asset Creation & Protection Children’s educations, Asset Creation and Protection | Wealth Creation and mortgage protection plans Education insurance, mortgage protection & Wealth creation plans |
| Middle aged with grown up kids | Planing for retirement & asset creation | Retirement solutions & mortgage protection |
| Across all life-stage | Health Plans | Health Insurance |
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Types of Life Insurance
Term Insurance
The most cost effective life insurance is term insurance
Universal Life
Universal life insurance (often shortened to UL) is a type of
Whole Life
Whole life insurance, is a life insurance policy that remains
Mortgage Insurance
Your home is your biggest investment you ever made
Non Medical Life Insurance
Non medical insurance is designed