Our handy Needs Assessment tool takes into consideration debts and foreseeable expenses, along with assets, savings, and any existing life insurance policies.
Not sure how much Term Life Insurance you need?
Ultimately, your coverage depends upon your stage of life. It takes into consideration debts and foreseeable expenses, along with assets, savings, and any existing life insurance policies.
We’re here to walk you through.
Consider Your Financial Obligations, Debts and Long-Term Financial Goals
First, make note of any major expenses along with any debts or loans you may have.
You’ll find you’ll need more life insurance when you’re younger—specifically when juggling student loans, a mortgage, credit cards, wedding costs, and other milestones that come with a significant price tag.
When it comes to long-term financial goals, it’s good to write down future expenditures as well. This could include an education fund for your kids, child-care costs, or end of life expenses.
Ultimately, your coverage depends upon your stage of life. It takes into consideration any debts and foreseeable expenses, along with assets, savings, and any existing Life Insurance policies.
Take our online Needs Assessment now!
Consider the Current Lifestyle of Your Loved Ones
The amount of coverage you need will change over the course of your life. Our Term Life Insurance isn’t meant to be an investment; rather, it’s designed to protect during times of financial dependency.
Your next step is to look at how much it costs to support your current lifestyle. Consider whether you’ve got loved ones or dependents to support, and a specific standard of living you’d like them to continue. Being single, married, raising children, or caring for aging parents all contribute to this.
Consider Your Existing Assets
You should identify any assets or financial resources you have right now. This might include savings, investments, RRSPs, emergency funds, and real estate.
Insurance from employers can be tricky. Employer coverage usually has limits and stops when you leave your job. Relying solely on employer insurance can leave big gaps in your protection. But if you’re comfortable with any additional coverage you already have, you can include it as an existing asset.
Use Our Handy Needs Assessment Tool
Now comes the easy part. Take the numbers you’ve collected above and plug them into our handy Needs Assessment tool, which can be found on our website. Voila! You’ve got an idea of how much Life Insurance you should purchase.
Remember, your insurance plan should be reviewed annually to ensure it’s accurate. Life changes, and so do your expenses. Our Term Life Insurance plans are built for flexibility, allowing clients to increase and decrease coverage at any time. Changing financial status and even external forces, such as inflation, could be reasons to adjust your coverage amounts. A reminder that increasing coverage likely means additional medical underwriting, so it’s a best practice to secure a higher coverage amount early and decrease as needed from there.Need help? Have questions? Give our Licensed Advisors a shout at 1-800-661-6430, or book an appointment online.
Ready to take the next step?