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Life Insurance

How Much Life Insurance Do I Need?

September 09, 2009

I am regularly asked the question “How much life insurance do I need?” There are three things to consider:

A. Enough to pay off debts and cover ongoing expenses

Total mortgage, loans and credit card balances
+ children’s post-secondary education
+ final expenses such as funeral expenses and probate fees

Plus

B. Provide for your family

Yearly expenses while children are at home (less debt payments)
+ yearly expenses when children leave home

Less

C. What you already own

Existing insurance including mortgage insurance
+ company benefits
+ liquid assets such as cash on hand, RRSP, RESP
+ other assets including income-producing assets such as rental property, etc.

Equals

Total insurance required


A review of life insurance needs should be done when there is a major life change (such as the birth of child) or at least every five years. A family with young children and a mortgage has a greater need for life insurance than a family where the kids are out of the house and the mortgage is close to being paid off. When reviewing your life insurance needs you should also consider family and community support and special situations such as wanting to care for a disabled child. Other uses of life insurance include estate planning and business continuation if a partner passes away prematurely.

Christian Credit Union offers some insurance options to meet members’ needs. In order to qualify, members must have an existing debt obligation such as a mortgage or overdraft protection with Christian Credit Union. For a complementary assessment, please give us a call.

This Planner’s Corner is not meant to offend those of you who are part of a Christian community that supports each other financially when a loved one passes and therefore have difficulty with life insurance. This community support is a wonderful blessing.


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