Do You Need Life Insurance?

If a family member such as a spouse or child depends on you and will suffer financially if you were to die unexpectedly chances are you need life insurance.

Life insurance provides a predetermined amount of cash to your family after your death. This lump sum death benefit replaces your income and helps your family meet important financial needs like funeral costs, education costs and day to day living expenses. Death benefits are paid directly to your named beneficiary(s) tax free and protected from creditors. Most people need life insurance, in Oakville, Toronto or anywhere in the province.

It is not nice to think about but a simple way to decide whether you need life insurance is to think through the worst-case scenario. If you died tomorrow, how would your family fare financially? Would they have the funds to pay for your final expenses? --like, debts, funeral costs, lawyers’ fees, taxes, etc.? Could they afford ongoing living expenses like food, bills, rent or the mortgage?

Right now you have long range plans and goals, would they be realized without your contribution to the household finances? Would there be available funds to send the kids to university? How would your spouse manage financially? Losing a loved one is hard enough on its own without financial difficulties. Life insurance can make sure that the family you care about will be provided for financially, even if you’re no longer to care for them yourself.