What is the difference between Term and Whole Life insurance?
Where do you start? Life insurance can provide for continuity of lifestyle for your family and a standard of living.
We review carefully with you each of the following steps. First you need to know why you need the insurance. Is the insurance for estate purposes, do wish to leave a legacy. Second, how much do you need and third, how long (in years) do you need the insurance. We also review what insurance you have now - can it be factored into the amount of insurance or can you save money by amalgamating all of your needs in one policy
1. Why do you need the insurance?
You may need life insurance because you have responsibilities or you want to protect your family, and you will probably want to provide for your final expenses. You may have recreational property that has been in your family for generations, but because the value has appreciated there will be a significant tax bill upon your death. You may also wish to leave a charitable legacy - did you know that these premiums may be tax deductible and upon your death your estate may claim a tax deduction on the insurance donated directly to the charity?*
2. How much insurance do you need
You will need to look at your income (and that of your spouse) now, and the needs of your surviving family if you or your spouse dies. Then you need to factor in your continuing income from other sources and what your additional requirements will be to meet your expenses.
To calculate how much you need go to the bottom of the page and click on calculator tools.
3. How long do you need the insurance?
Do you need this insurance for life (age 100 is generally used), or for a short period of time? You will need to consider the ages of your children and what lifestyle you would want them to have.
*This is for information only and you should consult a taxation professional to review your specific tax treatment.