What is Life Insurance?


There is no legal obligation on any individual to take out a life insurance policy, it is however particularly recommend for anybody who has family whether you live in St. Thomas, ON or anywhere else where you can purchase a policy. At its simplest it is a contract between the policy holder and the insurance provider, which ensures financial security for the policy holder’s family, should the policy holder pass away at any time during the length of the policy. The insurance pays a cash sum and ensures that your family will not have to worry about anything from utility bills, school fees or indeed paying the mortgage on the family home.

How does life insurance work?

The good thing about life insurance in St. Thomas, ON is that it is not proscriptive, you determine the best policy to suit your individual needs. This means that if you live in St. Thomas ON and you have a mortgage and two children of college age, you would need to tailor your policy to cover the mortgage as well as making sure that college fees can be paid. Most life insurance policies in St. Thomas, ON start with a standard monthly premium which provides general cover. When you take out a life insurance policy in St. Thomas, ON you are strongly advised to tailor the policy to your particular needs, this of course can directly affect the monthly premium you pay. What is true of most policies is that the premium does not change for the length of the policy. You are required to tell the truth when you are discussing the policy terms. For example if you smoke and you don’t declare this, the policy could be nullified.

What kind of extra cover can I opt for?

Most life insurance policies in St. Thomas, ON will include terminal illness cover; you will need to check the exact wording of the policy to see what this actually means for you. If a particular illness is not covered you need to consider whether or not it is necessary to include it in your policy. A common option for life insurance is critical illness cover, which normally covers dozens of conditions; again it is your responsibility to check which are covered. In short most policies have a key features section, read this and from there you should discuss any particular requirements with the life insurance in St. Thomas, ON provider.

The Reith & Associates Insurance And Financial Services Limited is one of the best insurance agency insuring all that’s important to you in St. Thomas, ON.