Deciding how much life insurance to buy depends on your responsibilities and your financial needs for the future. Your first priority is to protect your loved ones from the possibility of financial hardship.
What would happen to your family if you died prematurely?
How long could they survive without the bills being paid?
Will they have a secure source of income?
Life insurance policies pay a tax-free benefit that can be used to:
- Maintain your family’s current lifestyle, help pay for day to day expenses like food, clothing and shelter
- Secure Mortgage or Rent payment
- Pay for your children’s post secondary education
- Pay off outstanding debts and liabilities
- Cover final expenses