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Life Insurance

Life Insurance, for the most part, is not about us! It’s about the people we love the most!  Needless to say having been in the Financial Services Industry for nearly 20 years, I have encountered many different types of people, attitudes and ideas.  Most people are mature and balanced regarding this subject but not all. One time when talking with an individual who was rather belligerent wondering what “he was going to get out of it”, I politely reminded him, that for the most part, it was not about himself! Having said that, there are Plans that have investment components that do offer policy holders savings advantages.  The following is a short list of good reasons to have Life Insurance:

1. It is tax-free at death.
2. It provides funds to assist your named beneficiary or beneficiaries in the ongoing of their lives.
3. It provides funds to pay off your Liabilities (including taxes on your estate incurred through Capital Gains, RRSPs, etc.).
4. Some Permanent Plans allow much larger deposits for tax-sheltered growth than an RRSP or TFSA.
5. It skips probate tax: proceeds go directly to your heirs.
6. Your beneficiaries will thank you.

Another critical issue regarding this subject is, “how much coverage should one have?”  Obviously, you must have an affordable amount. A rule of thumb, however, is that working people with dependants should often be insured for 10-12 times their annual earnings!  This is often an eye opener to some but a Needs Analysis will often substantiate this.
Then there is the Term vs. Permanent Issue. Some say, only purchase Term Insurance, others say purchase only Permanent. Personally, I believe it is good to have both. Term Insurance provides economic protection for a given period of time when you insurance needs are more acute. For example, when your children are still at home or you have significant liabilities would fit this category. Permanent Insurance provides security for your retirement years and eventual last expenses.
Finally, and in closing, I wish to address, “why Life Insurance for children?”  Life Insurance for children is a good decision for the following reasons:

1. It secures their coverage for the future at low premium rates.
2. It secures their insurability. One never knows when an illness can render one uninsurable!
3. It provides them with tax-sheltered investment options.
4. Some plans provide them with an option to have their plan totally paid up at an early age!
5. It provides funds for their last expenses in the event of a premature death and funds for their last expense in the event of their eventual death.

For a no-obligation review of your policy or policies or to obtain more information, please don’t hesitate to contact me.