Updating Your Life Insurance Policy Jan 19th

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Updating Your Life Insurance Policy

– life-insurance-quotes.ca

A life insurance policy is instrumental when it comes to protecting your family and providing for them financially in the event that one or both parents pass away.
How much coverage is required depends on many different factors. Simply put, when a person dies , that person’s estate (consisting of assets minus liabilities) when combined with the life insurance payout, should cover all outstanding debts and also provide for a desired standard of living for the surviving dependents for a given amount of time.
What many Canadians fail to do is update their life insurance coverage when major life changes occur.
The following events should be considered when recalculating how much life insurance coverage you need:

Selling and/or purchasing a property.
Major changes in credit card debt.
Any monies that are inherited.
Changes in marital status.
Changes in employment status.
The purchase of new vehicles.
The birth of children.
Dependents that incur student debt (or conversely, getting rid of existing student debt)…

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