There may be no greater life event than having a child. As a parent, it’s only natural that you feel a great sense of responsibility along with incredible joy and love for this little person who is going to become such a big part of your life.
Parents need protection
Life insurance should be considered for parents regardless of whether they earn an income outside of the home or not. If you are the primary wage earner have you considered what would happen if you were to suddenly be diagnosed with a critical illness, or worse? If your income stopped would there be money to pay for housing or post-secondary education? And if you are a stay-at-home parent and were to become ill, or worse, would there be money available to pay someone to do all of the work you currently do from shopping and cooking to cleaning and childcare. This is where life and critical illness insurance can help.
How much life insurance do you need?
That depends on a few things such as: How much your family spends annually on items like housing, food, and clothing.
How much it would cost to pay off existing loans and debt like credit cards or a mortgage
How much your family would need to cover large limited time expenses, such as your children's post-secondary education
How much your family would need to cover your final expenses – funerals, taxes, etc.
My Insurance View
Before speaking to your financial planner, you can use an on online tool like My Insurance View from ivari to help you understand your protection needs today and into the future.