If money was no object, it is a very good idea to have an ‘insurance’ discussion, with a financial advisor, to know what you have, before any recommendations are made. It is like going to the doctor, you may not need that prescription but you need to have a discussion first.
Since money is always an object, it is best to determine what fits into your budget. It is smart to calculate what your insurance needs are at minimum, to determine if that makes sense personally and financially. An ‘Ideal Portfolio’, also known as IP, starts with a will, as it is the heart of a ‘life insurance estate plan.’ Wills direct money after death to keep your dreams alive after you are gone. If there is money in the estate to direct, your dream lives on. If there is no money in the estate, your dreams die. The great thing is that there is little debate about the importance of wills. Only half of Canadians have a will. If you need a referral for a lawyer to complete your will now, please contact me at http://www.sicknessbenefits.com
The IP discussion will show you the maximum amount of eligible life insurance you can be offered. It is a very revealing number! The concept is to use life insurance as funding for your will, and your dreams to live on – tax-free.
In addition to life insurance, critical illness protection is a non-repayable ‘illness recovery’ line of credit to help you get better.
Lastly, income replacement protection covers your financial needs resulting from your inability to work and generate your income.
An ‘Ideal Portfolio’ can also recommend your ‘Savings Program’. Since, most Canadians don’t have more than $50,000 in RRSP’s and Emergency Funds are nearly non-existent, most Canadians need smart savings strategies more than they need investment planning.
Financial success is often the result of methodical saving. The ‘IP’ is simple, and now could be the right time to ask, so you can get as excited about life insurance as me! Becoming a widow in 2011 has helped me to believe in the power of wills and life insurance! No widow has ever stated, ‘my partner left me too much life insurance’. As well, I guarantee you will get excited about how little $1MILLION of life insurance can cost these days! It is cheaper than a date night for most couples! If you have any questions, send me an email at