Life Insurance
There is a saying that we all know, it is, nothing is certain in life but death and taxes. Having a life insurance is for you and your immediate family. When you come to the end of your life your life insurance will pay for your funeral, pay off your debts and what is left over goes to your spouse and dependents.
I was working as a Pharmacist in Kingston Jamaica and an insurance agent sold me my first life insurance. It was a whole life insurance; it has both life insurance and savings combined. I was able to withdraw money from the savings a few times and it is not a loan so there is no penalty to withdraw my savings. Even after I migrated, I continued to contribute to my life insurance.
Since moving to Canada, I have opened other life insurance so that my family won’t have to worry about my funeral, and they will have some money to continue living their lives when I die.
Insurance for your parents
I was raised by my mother, and my father was not in my life. When he died, he did not have any life insurance, and my siblings were left with the expense of burying our father. We chose to cremate my father’s body because that was the cheaper option. The average funeral cost in Jamaica is $280,000. I was surprised by how expensive it was to bury your loved ones, and it was hard to come up with so much money in a short time.
My husband also lost a family member, and he did not have life insurance. Because of these experiences I advise people to take out life insurance for their parents so that they are not faced with financial embarrassment or having to set up a go fund me account to help with funeral expenses.
Cost of insurance
For a $2 million (Jamaican) life insurance coverage I paid $2000. Per month. There are different types of insurance policies, some are term insurance and whole life insurance. Talk to the insurance provider to determine which one is best for your circumstances. I chose a policy that have a life insurance and savings, I was able to withdraw money to cover expenses.
Places that you can get life insurance for yourself, and your family are Guardian Life, Credit Union, most banks have an insurance department. So don’t wait until its too late. Get life insurance today.