If you aren’t sure if you need life insurance, ask yourself these questions:
- How much do I contribute to my family’s budget? If I die, will my survivors (partner, children and dependants) be able to take care of themselves?
- Do I have any other dependants such as parents, grandparents or siblings?
- As a single parent, what kind of support payments am I receiving or paying? If I die, how will these continue?
- Do I want my mortgage paid off in the event of my death?
- Do I want money put aside for my children’s education?
- Do I want to leave money to any other family members or organizations?
- Will I leave behind unpaid debts that will reduce the value of my estate or that may burden my family?
- How will my Business be affected after I die?
- Could life insurance play a part in my long-term financial goals? Permanent life insurance policies build cash value, an amount of money that accumulates in the policy. In the future you could use the cash value of your policy to boost your death benefit, pay your premiums, supplement your retirement income, or take out a policy loan.
Life insurance isn’t one-size-fits-all. Your unique situation will determine if and when you should buy it and how much you’ll need.
Please contact us to discuss further. We are here to help.
Easy Answer provided by FSCO (Financial Services Commission of Ontario)