Canadian Life Insurance Premiums: What To Know First

Before you can properly choose a Canadian life insurance policy, you need to be familiar with the premiums and what they mean. Many people who are not offered life insurance through their place of business feel that they will not be able to afford individual life insurance coverage.

The fear of what could happen to your family in the event of your unexpected death is enough to drive many people to seek a life insurance policy anyway. However, without a clear understanding of Canadian life insurance premiums, you may not be getting the best deal available to you.

Here are some things to know:

* Know your options in your life insurance premium
* Know if you are able to pay a little less or little more in a month if you choose
* Know if your policy allows you to skip a payment from time to time
* Be aware of the penalties of missing a premium
* Be aware of what happens if you allow your policy to lapse

A mixed survey from Forbes shows that insurance premiums continue to grow globally. With so many people being asked to pay more, it has led to an increase in lapsed policies. Why do some people allow their life insurance premiums to lapse and what dangers could this mean for them in the event of tragedy?

Many people with life insurance miss their premiums and allow their insurance to lapse because they don’t realize they may have other options. If you are facing a financially tough period in your life and find yourself unable to make payments on your premium, instead of just allowing it to lapse, it’s important to look into your options.

Often it is possible to get an extension or to change the terms of your Canadian life insurance policy to alter the amount of your premium and prevent you from losing the entire policy altogether.