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Life Insurance

Life is full of uncertainties, and while we cannot predict the future, we can prepare for it. Life insurance is one of the most important financial tools you can have—it provides peace of mind and ensures that your loved ones are protected in the event of your passing.

At Harpreet Rana Insurance Inc., we are dedicated to helping families, individuals, and business owners across Saskatchewan secure the right life insurance coverage to safeguard their future.

Types of Life Insurance

Term Life Insurance

  • Coverage for a fixed period (10, 20, or 30 years).
  • Provides a tax-free death benefit if the insured passes away during the policy term.
  • Affordable and straightforward—ideal for families with children, mortgages, or other financial responsibilities.

Whole Life Insurance

  • Coverage for your entire lifetime.
  • Includes a death benefit and a cash value that grows over time.
  • Cash value can be accessed through loans or withdrawals.
  • Premiums remain consistent throughout the policy.

Universal Life Insurance

  • Combines life insurance protection with an investment component.
  • Flexible premiums and death benefits.
  • Suitable for individuals seeking more control over their financial and insurance planning.

What to Consider Before Buying Life Insurance

Coverage Amount – Review your debts, mortgage, children’s education, and household expenses.

Premiums – Term life generally has lower premiums, while whole and universal life policies offer added long-term benefits.

Policy Riders – Add-ons such as Critical Illness, Disability, or Accidental Death can enhance your coverage.

Comparing Quotes – Work with an insurance advisor to review multiple policies and find the right fit.

Protect What Matters Most

Life insurance isn’t just about financial protection—it’s about ensuring peace of mind for you and security for your loved ones.

Request a Free Life Insurance Quote or call +1 (416) 871-3571 to speak with our trusted advisors at Harpreet Rana Insurance Inc.

Why Get Life Insurance?

Financial Security – Provides a lump sum to cover funeral costs, debts, lost income, or education expenses.

Estate Planning – Ensures a smooth transfer of wealth and financial stability for your beneficiaries.

Business Continuity – Helps business owners fund succession planning and protect employees and partners.

Types of Life Insurance

Term Life Insurance

  • Coverage for a fixed period (10, 20, or 30 years).
  • Provides a tax-free death benefit if the insured passes away during the policy term.
  • Affordable and straightforward—ideal for families with children, mortgages, or other financial responsibilities.

Whole Life Insurance

  • Coverage for your entire lifetime.
  • Includes a death benefit and a cash value that grows over time.
  • Cash value can be accessed through loans or withdrawals.
  • Premiums remain consistent throughout the policy.

Universal Life Insurance

  • Combines life insurance protection with an investment component.
  • Flexible premiums and death benefits.
  • Suitable for individuals seeking more control over their financial and insurance planning.

Some Important FAQ's

Common Frequently Asked Questions

Eligibility depends on your health, age, and risk profile. Denials often occur due to serious illness or high-risk factors. However, guaranteed life insurance is available for those who may not qualify for traditional policies.

Yes. Life insurance can help pay off a mortgage so your family can stay in the home, and provide funds for business continuity and succession planning.

Along with life insurance, you may want to add Critical Illness, Disability, or Accidental Death coverage to enhance protection.

It depends on your income, debts, dependents, and goals. For example, a 40-year-old earning $85,000 annually, with a $400,000 mortgage and one child, may need $1M–$1.5M to cover mortgage payments, replace income, and support education costs.

Premiums are based on age, health status, smoking habits, policy type, and term. Younger, healthier non-smokers generally pay the lowest rates.

Employer-provided insurance is a good benefit but is often limited and ends if you leave your job. Having your own policy ensures long-term protection that you control.

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