Which Type of Life Insurance Do You Need?


Choosing the right type of life insurance isn’t always easy and it’s not always something people want to talk about. However, having an estate planning conversation with your family about what happens after you’re gone can help them be financially prepared for what’s next.


Why is life insurance so important?


Finding the right type of life insurance is important for a number of reasons. If you want to make sure final expenses are covered, your last tax bill is paid and alleviate any debt burden from your family upon your passing then purchasing life insurance may be a smart financial decision. The proceeds from a life insurance policy pass on to your beneficiaries tax free and can help relieve financial stress during their time of grief that comes with losing a loved one. 


Could you imagine losing a loved one, being consumed in grief and having to deal with trying to pay funeral costs, executing a Will, visiting a notary, trying to carry out last wishes and getting into debt because of it. I certainly couldn’t. That’s why talking about life insurance with your family is so important.


Have the talk with your loved ones


Some people don’t like to talk about finding the right type of life insurance because they feel it’s a bad omen and some people don’t buy life insurance because they don’t feel they can afford the annual premiums. Based on all the information above, my question to you is, can you honestly afford not to?


What type of life insurance do you need?


Regardless of your financial situation, most people need life insurance. However not everyone needs the same amount or the same type of coverage. That’s where the assistance of a professional comes in. Talking to a financial advisor can help find the right type of life insurance that’s best for your (and your family’s) needs.


Getting established

Whether you’re single, have a young family, trying to build your career, or managing your first mortgage, critical illness insurance or disability insurance can help protect your income.

Building a business


If you’re an entrepreneur responsible for protecting your business and your family, consider protecting your company with term life insurance (for small businesses and start-ups) or permanent life insurance (for more established companies).

Approaching retirement


Getting ready to transition out of the workforce in the next few years? You may want to prepare to leave a legacy with permanent life insurance, and protect your retirement lifestyle with long-term care insurance.


If you want to learn more about the different types of life insurance contact me today to find the coverage that fits your needs.


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Changes Coming in 2017

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In previous newsletters and communications we have discussed upcoming regulatory changes (CRM2).  These are coming into effect on the statements you will receive in January.  The new information provided on your accounts continues the evolution of our practice and further enhances our relationship based on the following initiatives:

  • Transparency
  • Clarity
  • Better informed investors

The first update will be the “Annual Charges and Commissions for this Account” box.   In the past we have discussed your investment fees as a percentage of assets.  The new report takes this a step further and translates it to dollar amounts. 


We have updated our website with a video, Understanding Investments Costs – a Primer for Investors.  It is posted right on our main page and is a great video that explains advisor commissions and how it relates to your investments. 


The second update to the reports is a box for Annual Account Performance.  This box will now have a money weighted rate of return for 1,3,5 and 10 years.