Venture First Advisory team takes a look at Vancouver life insurance for families and homeowners
This press release was originally issued by Release Wire
Vancouver, BC — (Release Wire) — 05/20/2022 — Regarding Vancouver Life Insurance, there is a unique set of challenges not found in other parts of the country. Vancouver is a picturesque city with a mild climate and a laid-back population. There is also plenty of outdoor recreation for enthusiasts. Being a great place to live also comes with a high demand for homes, leading to above-average home prices, so life insurance products need to take this into account. To find out more, visit https://www.venturefirstadvisory.com/blog/vancouver-life-insurance-explained/
In Vancouver, families looking for life insurance live in a city where real estate prices are among the most unaffordable in the country. More expensive homes mean higher mortgages. Therefore, the need for life insurance protection is proportionally higher. Without adequate life insurance coverage, it can be difficult for surviving spouses and family members to pay these mortgages.
Vancouver homeowners also need above-average incomes to fund these mortgages, so the impact of a high-income death is more financially devastating to the surviving spouse or family members.
LIFE INSURANCE OPTIONS
The good news is that many people typically have some form of life insurance paid for by their employer. Unfortunately, the amounts covered by group benefit plans are small and usually not enough to cover the amount of a typical mortgage in Vancouver.
The amount of guarantee requested must be justified to the subscriber of the life insurance company. Fortunately, a mortgage balance is sufficient justification for a higher death benefit.
The ideal rule of thumb, when determining the amount of life insurance coverage, is that it should cover all mortgage balances plus a multiple of income. For example, a family with young children will want their mortgage balance paid off and have a financial cushion for a number of years, usually 10 to 20 years, where the surviving spouse has the time to continue supporting the family without having to take on additional jobs.
At Venture First Advisory, our team provides advice and guidance on securing the right Vancouver life insurance coverage for families. For the right plan, from the right provider, at the right price, request a free appointment today.
About Venture First Advisory
Venture First Advisory is committed to having the most in-depth knowledge about insurance for British Columbians, from comprehensive life insurance to health and dental plans. We have relationships with all major insurance brands in British Columbia. Developing these relationships means that, with our in-depth knowledge of the different options available, we can find the best plan for you.
For more information, please visit https://www.venturefirstadvisory.com/
or call 1-855-245-8086.
Venture First Consulting
For more information on this press release, visit: http://www.releasewire.com/press-releases/vancouver-life-insurance-considerations-for-home-owners-1357937.htm