![]() That cash can be used for whatever you want-to cover emergencies, supplement retirement income, help pay for long-term care or even cover the policy’s premiums. It’s also more expensive because it builds cash value. A permanent life insurance provides lifelong coverage, which is one reason why it’s more expensive than term life insurance. There are other types of permanent life insurance in addition to whole life. It can be an affordable way to get coverage until you reach a certain financial milestone, such as paying off your mortgage or putting your kids through college. A term life policy will provide coverage for a certain period of time-typically 10, 15, 20 or 30 years. Life insurance buyers often think about term life vs. A financial planner can help you come up with a more-precise figure. But your own situation and financial goals might require that you have more-or less-than that amount. One rule of thumb is to have a policy with a death benefit equal to 10 times your annual salary. However, they should consider how much more would be needed to help a spouse or partner pay bills, support children, pay for college tuition or cover any other long-term needs, he says. They tend to think only about how much would be needed to pay off their major debt, such as a mortgage. Typically, people underestimate how much life insurance they need, says Adam Winslow, CEO of Aviva UK & Ireland General Insurance, part of Aviva’s international savings, retirement and insurance business. Or you can find a fee-only planner through the National Association of Personal Financial Advisors. Your workplace might offer access to a financial planner as part of your benefits. Stafford recommends working with a financial planner to discuss what needs you should cover with life insurance-whether it’s a mortgage that will need to be paid, children who will need to be supported, a small business to maintain or a legacy you want to leave. You might find that you’re not as prepared for the unexpected as you thought. This would include an emergency fund, retirement savings and any life insurance coverage through work. You need a true picture of your financial health before you can figure out what type of life insurance you need and how much, Stafford says.Ĭonsider what you have in place to support loved ones who depend on you financially. 1: Assess Your Current Financial Situation Any claims on your rental vehicle policy won't affect your discount with ICBC.įor more information on our Rental Vehicle coverage, visit icbc.com.Tip No. You can also name as many other drivers on the rental contract as you like. ICBC's Rental Vehicle coverage is good for Canada and the USA and it includes many coverages: Third-Party Liability, Enhanced Accident Benefits, Underinsured Motorist Protection, Collision, Comprehensive and Loss of Use. ![]() For instance, what jurisdictions can you travel in? What coverages are included in the policy? Understand your coverage: When comparing insurance policies, you'll want to know exactly what you are and are not covered for. ![]() Alternatively, you can also purchase ICBC's Rental Vehicle coverage separately for $10 per day. These packages may be your best option even for a short trip so ask your local Autoplan broker about eligibility and cost. It is included in both the ICBC RoadStar or Roadside Plus packages. Ask the rental vehicle company about the cost of their coverage, how their coverage protects your rental vehicle needs and which insurer is providing their coverage.įor comparison, ICBC has several ways to purchase rental vehicle coverage to cover your eligible rental vehicle where the daily rental rate is up to $300 CDN per day when rented in Canada and $250 USD per day when rented in the U.S.A. What are your options? If you aren't already covered for a rental vehicle, shop around to get the best coverage for your needs at an affordable cost. Many of our customers are covered for claims you're responsible for when driving rental vehicles through our RoadStar and Roadside Plus packages. You may be surprised to learn that you're already covered. What's your coverage? Before booking a rental vehicle, ask your Autoplan broker what coverage you have. Read on for tips on what you should look for in an insurance policy. You'll want to make sure you have adequate rental vehicle insurance in case of a claim. With restrictions lifting and warmer weather just around the corner, you may be planning a trip and need a rental vehicle to help get you around during your travels. Vacation on your mind? Tips for rental vehicle insurance coverage ![]()
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