What type of Life Insurance do I need?

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What do I need? 

Whole Life Insurance or Term Life Insurance or Both? 

What is the difference? 

There are many factors that should be considered when deciding on the right type of insurance for your needs.

I love the above picture that helps explain some of the questions that I often receive such as: "Do I need just term insurance?" or " Why do I need permanent insurance and what is it?"

As you can easily see, most people have needs at some point in their life for both. They may however, happen to need both at different times in their life. One of the reasons you should talk with a licenced insurance advisor is to help explain them to you, to help you to better understand what your temporary and permanent needs are and how to value them.

There is no cookie cutter way to simply pick how much coverage you really need or what the cost would be for you. A good advisor will help you review your needs, and help you find the right coverage for your budget.

What does this do for me? 

Do I need this?

Critical Illness (CI) insurance can do many things. It provides peace of mind that should you become critically ill, you won't have to worry about money. You'll be able to focus only on what you need to do to get better.

Imagine this for a moment. Why did you want to get a home? Start a family? Or maybe it is just you at this point in your life.

What will you do to protect and care for your family or keep your home should you get cancer or have a heart attack? Let's say that you have great doctors and you are going to survive but you will not be able to work for a while as you fight to recover. What happens to your family? How will you pay for your home? Put food on the table? Keep your kids in the activities that they love?

You may have invested into your RRSP or TFSA for your retirement and will need to cash that in. It is great that you saved this money, nice job! But do you know how much it will cost you to take those savings out and use them now? What will you have left to retire on? Will you now have to work longer, harder and save more to make it up?

Or did you set up a Critical Illness insurance policy that will pay you a lump sum of money to help get you back on your feet, keeping your retirement saving for retirement? Money that you can use how you see fit if the time ever comes when you need it.

Did you know that you can get a CI policy that will give you all the premiums you paid into it back if you stayed healthy and did not need to use it? How cool is that? Protection and savings for retirement, you can have both.

Did you know that you can also obtain child CI for both the what ifs and to give your children a step ahead for the future. 

I read a newspaper article many years ago titled "Why even Superman should have insurance", it's a great read if you ever come across it.