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When do you Not need Life Insurance?

The simplified answer to this question is when you are very old or very young. The even simpler answer is when you can confidently say- “When I die, nobody will suffer financially from my death.”

If you have enough assets and savings to cover your own funeral expenses, cover your debt and provide for any dependents: You do not need life insurance.

If you are this person. Kudos. I certainly want to be in your shoes. The majority of us do need life insurance. We are lucky to live in a country where policies are affordable. Affordable meaning: if you can buy coffee a couple times a week from Tim Horton’s, you can afford a life insurance policy.

This quote from Forbes.com nails the issue with exact clarity-

“One of the ironies of insurance in general is that it’s essential but we hope never to need it. For most people, life insurance is not really an exception to this. Its primary purpose is not to provide us with investment income, but to provide our families with income if we aren’t there.”

I agree with this sentiment completely.From term to investments, there is an array of life insurance products out there. Don’t let all the options stop you from getting life insurance. Dont be afraid to start with a simple policy that will protect you and your family. You can always upgrade. A bigger mistake than buying the wrong kind of life insurance is not having any at all…particularly when you need it.

-Kamila

 

Read the article here:

http://www.forbes.com/sites/lawrencelight/2013/06/26/when-dont-you-need-life-insurance/

 

What about Critical Illness Insurance?

40% of Canadian women and 45% of Canadian men will develop cancer during their lifetimes

(Canadian Cancer Society)

1 in 4 Canadians will contract some form of heart disease

50,000 Canadians suffer a stroke each year
75% survive the initial event

(Heart and Stroke Foundation)

Insurance should be purchased because of good information. Chances are greater that you or your significant other will be the victim of a critical illness than:

-your house catching fire
-your accidental death

Yet, most if not all of us have home insurance, life insurance and personal property insurance.

Be informed about your options.

-Kamila

Read the article here:

http://globalnews.ca/ne…/972548/dont-expect-a-courtesy-call/

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Peter de Jong

 

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Kamila Kado

 

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Lacey Landolt