Financial Power

A recent survey showed that, while 89% of Canadians agree that life insurance should be part of sound financial planning, only 40% said they would know what to look for in buying policy.

The same survey showed that 32 percent of Canadians felt they were under-insured. Although experts recommend at least six times your annual gross income, the average amount owned by insured individuals is $142,000.

How many years of family income would that protect in your case? What would your family do once your insurance money was gone? Buying the right kind of life insurance is one of the best ways to protect your family’s future. As you consider the options, keep in mind that buying life insurance is like buying any other consumer product – your goal is to get the best value for your money.

Your Life insurance purchase can seriously affect your family’s security is you die, and your quality of life while you’re alive.

Three points to consider:

1. Standard of living: In the event of the untimely death of either husband or wife, a wise insurance purchase can mean the difference between maintaining the family’s current standard of living and financial disaster for those left behind.

2. Long-term goals: Too little protection may leave your family vulnerable. The survivors may have to drain savings to cover burial and other expenses, which could seriously affect long-term goals like a university education.

3. Retirement Income: By lowering your life insurance cost, you free up dollars, that could be better used to build cash reserve for the future.

More about Life Insurance

Learn more about these Four Facts about Life Insurance

Everything you have to know about Term Life Insurance

Find out How Term Insurance Fits

Questions about Cash Value and the answers your should know.

Is Life Insurance a Good Investment? find out why or why not!

Important Tips for Making a Wise Insurance Purchase.

Money Saving Tips When Buying Life Insurance

Have You Made These Life Insurance Mistakes?

What to Consider When Replacing a Policy?

Related posts:

1. Four Facts about Life Insurance
2. Is Life Insurance a Good Investment?
3. Life Insurance
4. How Term Insurance Fits?
5. Term Life Insurance
6. Have You Made These Life Insurance Mistakes?
7. Money Saving Tips When Buying Life Insurance

Tags: Life Insurance

This entry was posted by FP on Tuesday, May 5th, 2009 at 9:47 PM and is filed under Life Insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.