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Citadel Financial Wealth Group advises that you opt for insurance as soon as you are able. Most people will start looking into basic life insurance quotes once they are stable. Others may require a better understanding of life insurance, to fully realize the safety net it can provide
There are many life insurance options to choose from, so take the time to really consider the options that are available to you. One of your major decisions will be choosing between term life insurance and whole life insurance.
Term life insurance will provide coverage at a fixed premium and pay benefits to your survivors should you pass away during a specific time frame. For example, a term of 15 years or 20 years may cover your family until your kids are able graduate college and establish financial independence.
Whole life insurance will remain in place until you pass away, whenever that may be, and provide benefits to your loved ones at your time of death. These permanent policies have higher premiums, as you are guaranteed death benefits, and are often accompanied by a tax-privileged savings component in which a portion of your premium is set aside to accrue for your future use.
You will want to consider the amount of money that will be paid out in the event of your passing. This number should ensure the financial security of your loved ones based on how much they would require to cover a mortgage, medical bills, education bills, and any other bills you have been providing income for during your time with them.
It’s a lot to think about. However, regardless of your age, knowing your family will be protected in your absence will give you peace of mind in securing their future with a life insurance policy.
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Citadel Financial Wealth Group believes in supporting our community and the people that need our support. That is why once your policy closes, we will donate to a charity or foundation on behalf of your choice!
If you do not have a charity or foundation you would like to donate to you can choose any one of the foundations we support!
We also plant a tree in your name or any name you choose to give us as we have a unique partnership with FORESTFARMER that allows us to help in keeping our air fresh for a long time to come.
When your policy closes, Citadel Financial Wealth Group gives back to the community, so let’s make a difference together!
We ask a few questions, crunch some numbers and compare the top insurance partners to fit your needs. We offer the lowest rates available specifically for you based on your exact needs.
Not sure which policy you need? We have comparison tools, advice articles and a team of insurance brokers you can call or live chat with anytime that works for you.
Once you pick a policy, we help you dot every I and cross every T so you can submit your application with complete confidence in an effective online way to save time.
Life insurance is an agreement between you (the policyholder) and an insurance provider, where the insurance provider agrees to pay a lump-sum of tax-free money to someone you choose (your beneficiary – usually your loved ones) upon your death. In exchange, you pay a periodic sum of money, monthly or annually, called a premium.
Term life insurance is temporary life insurance that typically covers a policyholder for a set period of time, typically for 10, 20, or 30 years, or until the age of 65. It is simple to understand, can be tailored to meet individual needs, and is less expensive than other types of life insurance as it covers a pre-defined period of time and does not have an investment component. Your beneficiary still receives a tax-free lump-sum of money the insurance provides upon your death, if it falls within those covered years.
Quite often the answer is yes. There are several reasons why your group coverage may be lacking: the benefit may not cover your needs adequately, the coverage isn’t portable with you and you have little control over the insurance policy offered to you.
Individual term life insurance is more flexible and offers protection in ways group life insurance coverage cannot.
Go to our online life insurance comparison tool and answer a few basic questions and you’ll be able to compare the best life insurance quotes and a life insurance policy from 17 of Canada’s largest life insurance providers. You can get a quote in minutes.
Mortgage insurance vs life insurance is an argument we see a lot. Protecting your mortgage through a term life insurance policy is often the best choice for Canadians for many reasons, and offers many advantages over mortgage insurance.
While buying life insurance when you are single and healthy might seem counterintuitive, it might be the best time to purchase it. When you are young, single, and healthy you qualify for better rates due to a number of factors. That being said, depending on your situation it might not be the right time for you to start purchasing life insurance. Chat with one of our life insurance agents to see if there are gaps in your coverage and if you may need an insurance policy, and decide from there.
Anyone with dependents or loved ones needs life insurance, but due to their circumstances single parents often bear a greater responsibility in the raising and protection of their children and that extends to life insurance and financial protection.
Yes, you can insure your loved ones but not without their consent or without their knowledge that their life is being insured. The only exception would be in the case of children below the age of consent where you are their legal guardian. In short, we’ll need to speak to anyone you intend to insure – including your loved ones.
Health problems don’t necessarily preclude someone from purchasing life insurance, but they will most likely affect the price of premiums. Depending on the nature of your ailment, when it was diagnosed, and how it currently affects your health, our experienced advisors can help match you with a life insurance company with policies tailored to your situation. Our in-house insurance advisors help our clients apply for simplified non-medical insurance policy or guaranteed non-medical insurance coverage, wherever those are the best options for clients.
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