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A recent report by the Canadian Life and Health Insurance Association revealed that approximately 22 million Canadians have an active life insurance policy of one form or another. When compared to the population of adult Canadians, it can be seen that a significant proportion have some type of coverage. Nevertheless, for many individuals, the level of coverage may be based upon an out-of-date assessment of their requirements or a predetermined amount of coverage they have in place through an employer, without much further consideration given to whether the level of coverage is appropriate.
For many individuals, family circumstances are constantly changing. As such, the amount and type of coverage may need to be regularly reviewed to determine whether or not it remains sufficient. For those of us that have dependants, life insurance may be an important consideration to help mitigate any financial distress suffered by family members already having to contend with the death of a loved one.
In this edition of the Canadian Financial Planner, we shall review the types of life insurance policies available through insurers and at what stage in life an individual should consider obtaining and subsequently reviewing their coverage. We will also discuss how to determine the level of coverage needed, as well as some important considerations for how the proceeds might be administered in the event of a claim.
Specifically, we will discuss:
- PART 1: Types of Life Insurance
- PART 2: Stages of Life – When to Consider Life Insurance
- PART 3: Determining the Amount of Coverage Needed
- PART 4: Deciding How to Administer Insurance Proceeds
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WARNING: This information is for educational purposes only. As it is impossible to include all situations, circumstances and exceptions in a newsletter such as this, a further review should be done by a qualified professional. No individual or organization involved in either the preparation or distribution of this letter accepts any contractual, tortuous, or any other form of liability for its contents or for any consequences arising from its use. Photocopying, replication or any other reproduction of the information contained within the newsletter, for any reason, other than a single page for reference only is strictly prohibited. Copyrighted © Video Tax News Inc. 2017. Date of Issue – September 2017. This periodical is published six times per year in January, March, May, July, September and November.