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Why Life Insurance?

Posted May 19th, 2016

Clients often ask why do I need life insurance, how much insurance do I need and what kind of insurance should I buy? The first question is easily answered, if death could create financial hardship for your surviving family you will need life insurance. 

There are other reasons, large estate tax bills, funding a buy/sell partnership agreement, the bank or other lender requires it or to gift a large sum of money to a charitable cause which is dear to your heart.  The other reasons mentioned typically come with a specific need so to determine the amount of insurance can be easier. Trying to determine what a family would need if a family member whose income the family depends on dies can be more complex. 

  • What needs to be paid off right away- funeral expenses, mortgage outstanding, other debts
  • Does the surviving family need to replace income lost?
    • If yes, how much? For how long?
    • What is the family budget?
    • What changes happen?
    • Can income be made up by surviving family?

  • Ok, I need life insurance, I have talked to P.V.&V. Financial Centre about how much, now what do I buy?
    Is the need for a specific time period?
    • While you have debts
    • While children are dependent on you
  • Is the need for estate purposes, or always prevalent?
  • What is the cost, how does it fit in the family budget?            

There are different types of life insurance policies that cover different needs. (Various term life policies, universal life policies or whole life policies)

Contact a PV&V Financial Advisor to see if you have a need for life insurance, or if the life insurance you have now is right for you.

For the RIGHT INSURANCE at the RIGHT PRICE give us a call today!