How long will your coverage need to last?
When you're choosing how much and what kind of life insurance† is most suitable for your family, a key factor to consider is time. How long will your family need the protection that life insurance can offer?
Since every family situation is unique, it's wise to consider the time frame of each of your insurance needs. For instance, you'll require coverage to replace your income for your spouse and children, but will you need it for 10, 20, or 30 years? The length of time will help determine the amount of coverage you need.
It's important, too, to look at how long you'll need debt protection. For instance, you may be debt-free once you pay off your mortgage. But if you have plans to buy a larger home, a cottage, or an investment property, you need to look at how many more years you may be in debt and still require insurance protection.
You may also want to provide for post-secondary education and other needs for your children until they're old enough to become financially independent. Consider, too, whether you'll still need coverage to assure a comfortable income for your spouse and an inheritance for your children or grandchildren.
While some people's insurance needs decrease over time, others' will increase. If you're seeking long-term protection, you may want to consider permanent insurance – either the flexibility of universal life or the simplicity of whole life insurance.
Professional advice can help you design an insurance plan to fit your own personal time frame and changing needs. Talk to a BlueShore Financial insurance advisor about your situation.