Term Life Insurance West Vancouver
West Vancouver has an older and more affluent demographic than the City of Vancouver. Accessible from Vancouver by 2 bridges only, West Vancouver is a secluded city, with mostly single family homes and scenic mountain top views.
Many West Vancouver residents are finding that their kids and grand kids are increasingly priced out of the housing market within any reasonable distance from their home. Common solutions to this problem are to gift the children for the down payment or to multiple their wealth with tax free life insurance proceeds to the children. The problem with gifting a large amount is often the lack of liquidity of their wealth. The latter solves this problem by life insurance’s ability to convert monthly payments into a much larger tax free lump sum later.
Term Life Insurance in West Vancouver
In West Vancouver, a popular searched for kind of life insurance is called term life insurance. It is called a “Term” policy because the low monthly rate is guaranteed for a certain term. After the term expires, the rates are scheduled to substantially increase over time and usually expire by age 85. Because of the low cost premiums of term policies, these kinds of policies are most suited to bridge temporary financial gaps. For example, you can use a term policy to cover a mortgage while it is being paid down, or to cover a successful business for a number of years before its planned sale.
As to which term life insurance provider is the best for those in West Vancouver, there is no one company that is definitively the best. As a term life policy can be treated as more or less a commodity, it comes down to brand preference, pricing, experience with the company, and conversion options available on the shelf.
For more permanent financial solutions, such as a corporation owner wanting to convert assets inside the business to tax free death benefit proceeds for their heirs, then a whole life policy may be more suitable for this scenario.
LIFE INSURANCE IN WEST VANCOUVER
If you do live in West Vancouver and would like to know more about term life insurance, speak to one of our Advisors to find the right coverage for you.