LIFE INSURANCE
Parents
There Are Very Few
Excuses For Not Having
Life Insurance
A
s a dad with young kids, I
get it. Life is busy. Family
time, work, extra-curricular
activities, school demands,
travel and everything in
between can make the days, weeks,
months and years fly by.
Arranging for proper life insurance is
likely not a topic that fits into the busy
agenda. But life insurance should not
be overlooked, especially when you have
loved ones depending on your income.
If you think about it, likely your most
powerful asset for your family’s financial
security is your ability to earn an
income. If that income suddenly stops,
will someone in your life be adversely
impacted financially? If you have
dependents, the answer is certainly “yes”.
Debt obligations, such as your mortgage,
are only one side of the equation. Your
on-going income may also provide a
standard of living, future retirement
savings, children’s education funds
and long-term family goals. A sudden,
permanent income loss vastly changes the
equation and leaves your loved ones at risk.
By arranging proper life insurance, you
are leaving the financial security that can
ease the income loss.
Here is the good news – most people
assume term life insurance is much more
expensive than it is. The affordability
leaves very few excuses for not carrying
it. If you are in reasonably good health,
a male in his mid-30s could carry one
million dollars in life insurance for a
period of 20 years for around $60 per
month. A mid-30s female could carry
the same coverage for approximately $45/
month. Premiums could be more or less
depending on health, coverage or policy
design. Ultimately, for the cost, it is a
powerful planning tool.
Unfortunately, some people wait on a
health issue before they seek out coverage
which can complicate the process.
Further, many people assume their
coverage at work through their group
benefit plan is adequate. I have not met
a parent yet for whom that is the case.
There is also the rational that nothing will
happen to me. In reality, most parents
know someone who has been lost way too
early.
We encourage you to meet with one of our
qualified advisors at Gillons that can help
determine an appropriate amount of life
insurance pertinent to your specific needs.
Death is not an event one enjoys thinking
about but by providing your loved ones
with a tax-free lump sum financial benefit,
your family’s emotional loss will not be
compounded by financial worry. +
BY: CHAD CANFIELD, B. COMM, CAIB, CIP, DIRECTOR OF FINANCIAL SERVICES , GILLONS INSURANCE BROKERS LTD.
Chad Canfield is the Director of Financial services and leads the Life & Health sector for Gillons Insurance Brokers.
Chad is a Chartered Insurance Professional and has a business degree from Mount Allison University.
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