Protect you and your family for good with a life insurance poilicy that suits you. Contact Jay Asher Ontario Insurance Hub today!

1. When is the Right
Time to Purchase Life
Insurance?

2. The Purpose of Insurance
• When most people think about life
insurance, they understand that it has
the purpose of providing security when
a death occurs. However, the timing
and purposes behind purchasing such
insurance sometimes have other
important implications.
• Aside from basic protection, modern
tax laws make insurance an important
part of estate planning for many
individuals. Policies are set up to allow
for the deferral of taxes and to provide
for other planning purposes.

3. Term Insurance
• Whole life is a more expensive form of
insurance that provides more than
simple protection. As premiums are
paid, a cash value accumulates and
earns dividends for the policy holder.
Many people use this form of
insurance for estate planning and
transfer of assets to other individuals.
This means the timing of purchasing is
directly related to key financial issues
and decisions involving one’s longer-
term financial objectives.

4. Whole Life
• Businesses also use insurance as a
planning device for their executives
and key employees. The purchase of
this insurance at employment or when
promotions occur helps to provide the
company a source of funds to replace
an executive in the event of a death.
This insurance is also considered an
important employment benefit in many
circumstances, with payments to be
made to both the company and the
employee’s family should unfortunate
circumstances occur.

5. Whole Life
• Businesses also use insurance as a
planning device for their executives
and key employees. The purchase of
this insurance at employment or when
promotions occur helps to provide the
company a source of funds to replace
an executive in the event of a death.
This insurance is also considered an
important employment benefit in many
circumstances, with payments to be
made to both the company and the
employee’s family should unfortunate
circumstances occur.

6. Timing the Purchase of
Insurance
• As the above circumstances indicate,
there are a number of different
reasons and times for the purchase of
life insurance. It is important to
understand the issues behind the
planning and the timing of the
purchases. These decisions affect the
costs and long-term benefits of the
insurance that is purchased.
• It is possible to get very affordable
protection by using the options of term
insurance, and this is often all the
protection that is needed for a family.

7. Timing the Purchase of
Insurance
• At the same time, it is possible to
achieve much more complex benefits
at a greater cost with whole life
options. At different points in one’s life,
different insurance choices are
appropriate to fulfill the goals of a
specific financial situation.
• Working with a qualified insurance
agent can be beneficial in determining
just the type and amount of insurance
that is needed to fulfill specific needs
at different times in your financial life.
There are variations and combinations
of these policies designed for specific
applications.

8. Conclusion
• As the above circumstances indicate,
there are a number of different
reasons and times for the purchase of
term or whole life policies for insurance
purposes.

9. More Information
• For more information on purchasing life
insurance visit
http://www.ontarioinsurancehub.ca/
• If you live in the Durham region of Ontario
and are looking to purchase life insurance
contact Jay Asher Ontario Insurance Hub