(NC)—When 1769 Canadian workers from across the country participated in the 2010 Desjardins Financial Security National Health Survey, the majority stated they felt good about their financial security. More than eight out of 10 have a steady source of income, three-quarters lead healthy lifestyles and another seven out of 10 have disability or salary insurance. Others said that they have also started saving for retirement and for their future in general.
Despite these optimistic results, a key stress factor for 51 per cent of the respondents continues to be money. This number was higher among women (54 per cent). What’s interesting is that women today are able to assert their independent lifestyle and career choices, but many still find financial planning and retirement preparation to be very stressful. Statistically, women live longer than men, but men still earn higher salaries and obtain larger pensions than women. So, having a financial plan in place to assist in case of serious illness and/or the loss of independence is very important. One possible solution is whole life insurance.
What is whole life insurance?
It is an insurance product that provides life-long coverage to the insured. If they became sick and/or disabled, the insurance could pay for businesses expenses, medical and/or daily living expenses. The premiums remain constant throughout the entire life of the policy, which also allows for savings accumulation. If the insured decides to cancel the policy, the savings that accumulated would be returned. This insurance can also be used as an inheritance, as beneficiaries would receive a lump sum upon the death of the insured.
Who should consider this product?
This product is ideal for anyone concerned with having life-long financial security. Also, women who are starting out or are well established in their careers, and/or run their own businesses, and/or have families to take care of should consider whole life insurance.
Can this product be combined with any other benefits or features?
Yes, but of course this depends on the insurance provider and the type of whole life insurance product. Some features that may be available are:
• Death and disability
• Accidental fracture
• Insurance for children
To find out if this product is right for your situation, speak with a financial advisor or insurance broker. More immediate answers can be found at www.desjardinslifeinsurance.com.