Do you know how much insurance you really need?

If your family counts on your income then you need insurance for their financial security. It’s just that simple. What type of insurance you need and for how long you need it is where your personal situation plays a role.

Let’s talk about…how much insurance you really need

When it comes to protecting your family, it’s important to have the right amount, and the right type, of insurance in place so you are paying only for the protection you really need.

Why do you need insurance?

If your family counts on your income for housing, education or simple day-today living expenses, then you need insurance to protect their future should something happen to you.

Term vs Permanent

There are two basic types of life insurance…term and permanent. Term insurance provides protection for a specific amount of time…or the “term” of the policy. This is usually 10, 20 or 30 years. Permanent insurance, such as universal life, provides coverage for life and has an investment component to it. Both of these types of life insurance can be customized to your specific needs with riders or other protection products, such as critical illness.

Making insurance affordable for you

Most people have both short term and long term protection needs. Short term can include a mortgage or post-secondary education, while long term is to cover final expenses and leave something for loved ones. This is where the concept of layering comes in to ensure that you only pay for the protection you really need.

What you need today is not what you’ll need tomorrow

When you are young and starting out, your need for protection may be greater than when you are nearing retirement. As your life progresses and you pay off your mortgage, your children complete their education and most of your income-earning years are behind you, your need for insurance will decrease. With less to protect, you should be paying for less protection.

Find out how much insurance you really need with My Insurance View

My Insurance View from ivari asks the right questions to uncover how much insurance your really need, and for how long you will need it.

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Disclaimer

This article is intended for general information purposes only and should not be considered specific or personal investment, insurance, estate planning, legal or tax advice or a solicitation to purchase insurance. Nor should any medical information provided in this article be considered medical or health advice and should not be considered a substitute for advice from a qualified medical professional. While reasonable efforts have been made to ensure that the contents of this article have been derived from sources believed to be reliable and accurate at the time of publication, ivari does not warrant the accuracy or completeness of the information contained herein.

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