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One of the many existential questions every individual will ask themselves at some point in their life is, “What will happen when I die?” Of course, there is no answer to that question as every individual goes through different scenarios in life and there is no way we can predict our future. However, if there’s one thing we can control for our future, it’s purchasing life insurance as it’s a crucial element of financial planning.

According to a survey conducted by Ipsos-Reid, on behalf of RBC Insurance, there are seven in ten (70%) Canadians who have life insurance, while three in ten (30%) do not. 50% of these Canadians said that they purchased their life insurance on their own, while 25% have said that they have coverage from work and their own and the remaining 25% said that they only have life insurance coverage through work.         

By purchasing life insurance, it will protect and provide coverage for your family and loved ones by giving them a tax-free payment after you die. It should be noted that insurers will base your rate depending on your circumstances and needs. The cost of life insurance you purchase as an individual also depends on your age, gender, health, medical history and lifestyle. Meanwhile, below are the types of life insurance available:

Term Life Insurance: This type of life insurance provides a fixed amount of insurance for a specific period of time. A term life insurance policy provides temporary protection, which can be customized to meet your changing needs.
Permanent Life Insurance: This type of life insurance provides coverage for your whole life and depending on the type of permanent life insurance you buy, it can also build cash value over time. In fact, some permanent life insurance policies let you pay for a limited time and then you don’t have to pay any more.
Participating Life Insurance: This type of life insurance is a type of permanent whole life insurance coverage that can be eligible to receive a sum of money. This can be used to buy more coverage, reduce your annual premium cost or earn interest inside your plan. However, it should be noted that dividends are not always guaranteed.
Universal Life Insurance: This type of life insurance is a more flexible type of permanent life insurance plan that combines protection and savings. A guaranteed death benefit will be chosen for your beneficiaries, which means that the payments you make above the cost of insurance can grow in a tax-preferred savings account or can be used to increase the amount of your death benefit.

Whether customers are shopping for life insurance, are informed about their upcoming life policy renewal or are looking to save money on their current policy, overall, it is important to be informed about life insurance and how a policy works.

At Oracle RMS, we are here to help inform our customers and clients through every step of the way and after they’ve purchased their policy plan. All customers and clients will be personally assigned to an Oracle life licensed broker who is determined to service their wants and needs for life insurance. Oracle RMS will deliver the following life insurance services below:

A customized life insurance policy that happily work for our customers and their budget instead of a generic policy
An appropriate solution for the best coverage for all types of life insurance to help make the best decision possible
Friendly and effective customer service from our dedicated and attentive brokers and service representatives
Ensuring our clients have peace of mind through every step of the process: quotes, renewals and claims

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