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The decision to purchase life insurance could be the single most important choice you make with regard to your financial security. The peace of mind that comes from knowing that your needs will be taken care of throughout the duration of your life is priceless, and being able to leave something behind for your loved ones assures that they will be cared for in your absence. Of even greater importance is making sure you are purchasing the right type of insurance, and that your policy covers your needs. Here are some important points to consider:

  1. Why are you purchasing life insurance? Most are hoping to assure the financial security of loved ones, or looking for coverage to fulfill debt obligation and costs associated with final arrangements and estate costs. Additionally, life insurance is often required when negotiating a mortgage, or as part of a business partnership agreement. All of these factors will contribute to how your policy is structured.
  2. How much life insurance coverage do you need? Know how much is enough to provide for your family in case the unthinkable occurs. Tax considerations, outstanding debt, mortgages, estate costs, and the level of income you want to leave to your loved ones should all be taken into account. Your financial advisor can help you to break down and identify your needs over the long term.
  3. How much can you afford? Life insurance requires that you renew on an annual basis, and is generally paid monthly. Average budget for life insurance ranges from five to ten percent of ones annual income, but depending on what type of coverage is chosen, premiums can change dramatically, especially at the end of term. Plan to have a little financial cushion to allow for premium changes over time.
  4. What type of life insurance is right for you? Term or permanent life insurance are the two main types. The purpose of term life insurance is for support in the short-term, and premiums increase as you age. Permanent life insurance provides lifetime coverage and can include additional benefits. The premiums for permanent coverage do not increase over time, and so may be more affordable in the long run. There are also hybrid plans that combine aspects of both term and permanent life insurance.
  5. Need more flexibility? Insurance riders serve to customize your policy, providing coverage that is specific to your individual needs. Riders can provide the insured with a Plan B to assure peace of mind in case of unforeseen events. Examples of common riders are waiver of premium, which covers your payments in the event you are unable to work due to a critical injury, or guaranteed insurability, which allows the insured to purchase additional insurance at a later date, without being obliged to undergo further medical. Other riders include critical illness, accidental death, child protection, return of premium, and accelerated death.

There is no cookie-cutter answer to what the ‘right policy’ is, as needs differ greatly from person to person, and it is never too soon to consider getting started. Prepare for the unexpected, and give yourself some peace of mind, knowing that you and your loved ones are taken care of in any event. Consult your financial advisor today to discuss your options.

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Dr Benjamin Burko, our resident pediatrician, assistant professor of pediatrics at McGillUniversity and Medical Director of the Tiny Tots Medical Centre talks about Summer Prevention!

Everything you need to know to keep your kids safe outdoors this summer – from West Nilevirus, to swimmer’s ear and avoiding food poisoning, Dr Burko has easy tips and practical advice for parents.

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Lianne Castelino of WhereParentsTalk.com is interviewed live, in-studio on The Lynne Russell Show on NewsTalk 1010 on June 5, 2010.

Lynne and Lianne talk about how to keep the kids occupied in the summer, cost-effective summer fun, parenting tips and advice, working in a male-dominated field so much more!

A former anchor on CNN Headlines News, Lynne hosts a weekly show, Saturdays from 1-3pm on NewsTalk 1010.

Learn more about Lynne: http://www.newstalk1010.com/shows/1001529

 

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Cyberbullying Special

Cathy Wing
Co-Executive Director, Media Awareness Network
www.media-awareness.ca

Cyberbullying Special

Bill Belsey
Educator
www.bullying.org

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Teaching Kids Empathy

Mary Gordon
Author, Educator
www.rootsofempathy.org

Parenting at Work

Aimee Israel
CEO Life Speak
www.lifespeak.ca

9-year-old on the Subway?

Lenore Skenazy
Newspaper Columnist
www.lenoreskenazy.com

Mom-a-holics

Jen Singer
Author, Mom
www.mommasaid.net

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120

Kids & Gardening

Charlie Nardozzi
Horticulturist
www.kidsgardening.org

Kids Under Pressure?

Carl Honore
Author, Journalist
www.carlhonore.com

Car Seat Safety

Dr. Charmaine van Schaik
Pediatrician
www.cps.ca

Mom-a-holics

Jen Singer
Author, Mom
www.mommasaid.net

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236

Occupational Therapy for Kids

Sharon Rosenthal
Pediatric Occupational Therapist
www.caot.ca

Safe Sun Awareness

Dr. Ian Landells
Dermatologist
www.dermatology.ca

Pet Adoption

Steve Carroll
Cdn. Fed. of Human Societies
www.iamssponsoringfriends.ca

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Kids and Vegetables

Missy Chase Lapine
Author, The Sneaky Chef
www.thesneakychef.com

The Importance of Play

Wendy Smolen
Author, The Sandbox Summit
www.sandboxsummit.org

Kids and Headaches

Dr. Benjamin Burko
Pediatrician
www.tinytots.ca