Author: Maritime Life Insurance Company

It's difficult to imagine needing personal life insurance while you're young and in good health. But, if anything should happen to you, it can help protect your spouse, loved ones and estate. Some personal life insurance policies can also offer you access to funding during your life, such as for buying a home or educating your children.

What is Life Insurance?
Life insurance is a contract with an insurer, like us, that promises a set amount of money will be given to your beneficiary and/or estate upon your death. Your benefit amount depends upon many factors including the policy you choose, your age, sex and health, and the amount of premium you pay. These are the types of details you'll discuss with an advisor so that the right policy can be selected by you, from those with fixed coverage and specific terms to those with greater flexibility; if your financial situation changes, you can adjust your policy accordingly with the help of your advisor.

Why Do You Need It?
Life insurance can give you peace of mind knowing that, if something should happen to you, your loved ones won’t be left with a legacy of debt, final taxes or other money worries. Certain life events might cause you to re-evaluate your financial goals and consider the protection life insurance can provide. Some of these include getting married, buying a home, having children or planning for your retirement. With an appropriate plan, life insurance can help you meet your goals in life and protect your family when you no longer can.

As well, certain business situations call for life insurance. If you're an entrepreneur or just starting a business you'll need to protect your enterprise and any partners. A uniquely tailored insurance solution can also provide the money necessary to enable your fellow shareholders or partners to buy you out when you’re ready to retire.

Choosing the Right Policy
Choosing the right policy can be a confusing process. To help you sort through your options, we suggest that you speak with a professional financial advisor. He or she will have the expertise to help you choose the products and company that best meets your needs.

Some questions you should ask yourself are:
- Will the policy meet my current needs?
- Will the policy provide the flexibility to meet my future needs?
- What does the policy cost - both current and expected lifetime costs?
- Is the provider established and financially strong?
- Will the company back its guarantees?

As insurers, we offer two life insurance categories for you to choose from: term and permanent insurance. Both can be tailored to meet your financial needs.

Term Life Insurance
If you’re looking for basic insurance coverage for a specific period of time, term insurance is a good place to start. It’s a cost-effective and simple plan, with some flexibility to adapt to your long-term goals. We offer a number of term life insurance solutions to help you protect your financial interests and estate needs. Over time, your needs may change. Our term life insurance can evolve with your needs by providing options to lengthen your coverage period or even to transfer to a permanent life insurance solution. Learn About Term's Benefits.

Permanent Life Insurance
If your financial objectives include more than basic insurance coverage, you may benefit from this option’s added investment potential. Permanent insurance solutions allow you to insure against the unexpected while increasing the value of your investment over time. Our plans are flexible; we can tailor the level of investment potential and insurance coverage to meet your personal financial goals. You can also select a plan that gradually minimizes insurance coverage so you can maximize your policy's investment potential. Learn About Permanent's Benefits.

If you have specific questions on life insurance, you may be interested in reading our frequently asked questions. Or, contact an advisor for further guidance.