Notes

Buy the Right Kind of Life Insurance
A recent survey showed that, while 89% of Canadians agree that life insurance ought to be section of sound financial planning, only 40% said they would know what to look for in buying policy.

The same survey showed that 32 percent of Canadians felt these were under-insured. Although experts recommend at least six times your annual gross income, the common amount owned by insured individuals is $142,000.

How many years of family income would that protect available for you? What would your family do once your insurance money was gone? Purchasing the right kind of life insurance is one of the best ways to protect your family's future. As you take into account the options, understand that buying life insurance is similar to buying any other consumer product - your goal is to get the best value for your money.

Your life insurance purchase can seriously affect your family's security is you die, as well as your quality of life while you're alive.

Three points to consider:

1. Quality lifestyle: In case of the untimely death of either husband or wife, a wise insurance purchase often means the difference between maintaining the family's current standard of living and financial disaster for all those left behind.

2. Long-term goals: Inadequate protection may leave your loved ones vulnerable. The survivors may have to drain savings to cover burial along with other expenses, that could seriously affect long-term goals like a university education.

3. Retirement Income: By lowering your insurance cost, you release dollars, that may be better used to create cash reserve for future years.

People don't "need" life insurance- it is something they would like to buy. It is all about how much you value what you have built and whom you're leaving behind. If you want to provide a safe future for your loved ones after you are gone, life insurance coverage is a very good option.

Piri D. I am in my mid thirties, happily married and mother of three amazing boys. I've made almost every major money mistake out t here by lacking the right information. I am a debt reduction champion with a passion for showing individuals how exactly to budget. I currently work in the finance industry providing financial advice helping people make smarter financial choices while still working, and help those who are preparing for retirement to determine a plan that will provide the lifestyle they have to live with dignity. I take an educational method of help people understand about their financial plan and the financial loans they have work with their best.

For more info check out my website: http://www.thefinancialpower.com
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