+Life Insurance is designed to handle the “What ifs” in life. Once a policy is approved, you pay a monthly premium to the insurance company and they in turn take on the risk by agreeing to pay an agreed upon, tax free, lump sum in the event the insured dies. Life insurance is an intregal part of financial planning and those who still have young children and debt should take a serious look at getting some coverage in place whether you live in a big city like Toronto or a small town. 

What kind of insurance is best for you and your family? 
There are basically two types of life insurance policies: term life insurance and permanent life insurance. Term policies are the more economical option compared to its more expensive counterpart: 

+The major advantage of your life insurance is that it saves your loved ones from financial worries in the event you are no longer there to provide for them.

The funds from a life insurance policy can be used to pay off a mortgage, pay monthly bills and living expenses, reduce or eliminate debt, funeral expenses, children’s post-secondary education etc. In addition, your life insurance can give them enough money for basic needs while they’re adjusting to your absence.