Equifax recently ranked each Canadian province to see which had the most consumer debt. Guess who came out ahead? Alberta. Ouch! That’s nothing to be proud of! However, it is understandable. Although things are improving now, for a few years, Alberta endured a battering by an economy that saw its oil and gas revenues plunge. Compounding the issue was The Beast, an epic wildfire that devastated Fort McMurray and disturbed the area’s oil production. For many months, most Albertans focused on staying afloat, not on debt repayment, savings and term life insurance.
However, even before things took a downturn with the economy and The Beast, many Albertans were living paycheck to paycheck. Bolstered by the previous upswing of a strong economy and easy access to jobs, along with great services and infrastructure that made day-to-day living comfortable, many Albertans didn’t feel the need to save, buy term life insurance, aggressively pay off debt or make a plan for their financial future.
As the province learned, circumstances can change quickly. A market crash. A natural disaster. Job loss – these are life’s realities.
Term Life Insurance and Saving Money
Living without savings, without life insurance, without health insurance and without a budget is not wise. We cannot help it when things threaten our economy, but we can choose to be financially prepared for life’s ups and downs.
Life insurance is part of that plan. Insurance is what takes care of the unknown factors, like a devastating illness, the death of an income provider or homemaker, a disaster while on vacation and unexpected health challenges. Yes, you pay a premium for term life insurance, but insurance may save you years of debt and money woes when your income is suddenly interrupted.
What Kind of Term Life Insurance Helps me Save the Smart Way?
Life and health insurance must be tailored to your needs, and that is why I, as a broker, shop the entire market in Alberta for you. I find and customizing the policies that work the best for you and your family. The term life insurance policies I can assist you with include:
- Term life insurance: pays your beneficiary a benefit if you pass away.
- Critical illness insurance: pays you a living benefit if you become ill with a serious disease such as cancer.
- Disability insurance: replaces a portion of your income as you recover from a disabling accident or incident.
- Travel insurance: protects you financially from perils that could happen when you are far from home, and away from the Canadian healthcare system.
- And more!
Call Nerissa to Learn More about Term Life Insurance in Alberta
Life has its ups and downs – you cannot change that. However, you can take control of your household budget and plan for today, tomorrow, and the unexpected.