When was the last time you took a few moments to think about how your family’s lifestyle would be affected by losing you? Not only does your family depend on you for love and emotional support, but the fact of the matter is, they also rely on your continued earnings to provide for their daily living needs.

This is why it’s critical you maintain sufficient life insurance coverage. In the event of your death, life insurance proceeds can be used to eliminate debt, provide a home free and clear of mortgage payments, guarantee funds for a child’s education and to replace the income you generate today that maintains your family’s lifestyle.

How much is enough?

A common rule of thumb suggests you should maintain life insurance coverage equal to ten times your income. Still, you’d be well advised to complete a thorough needs analysis with the assistance of a financial planner. An estate needs analysis will determine precisely how much money would be needed to produce a steady income for your family’s ongoing needs and how you’d choose to address mortgage and other debt obligations like post-secondary schooling for your kids, and other goals in the event of your death.

If you’re a stay-at-home parent, don’t assume your lack of income means you have no need for life insurance – replacing your dedication with professional child care and domestic help can be costly.

Going beyond life insurance

At the same time, don’t overlook the financial toll a disability would take on your family. U.S. figures show 48 per cent of all mortgage foreclosures are caused by a disability induced loss of earning power.*

Appropriately-designed disability insurance can fill the void in the event you lose your ability to work or should you have no choice but to accept a lower-paying job.

Critical illness insurance usually pays a lump sum to you should you be diagnosed as having a specified life altering medical condition – such as a heart attack or stroke, or if you are diagnosed with a life threatening disease like cancer.

Ensure your Will is updated regularly, making sure you specify whom you’d like to take care of your children in the event you and your spouse should die simultaneously. This should be discussed with your designated guardian(s) before your choice is formalized in your Will and provisions should be made to ensure funding is available to allow your guardian to carry out his/her responsibilities. Also, make sure you appoint an executor. This is the person who will act on your behalf to settle your personal affairs, including the financial aspects of your estate.

Talk with us today to ensure you’ve done all you can to look after the needs of your family in the event of an unforeseen circumstance.

Financial Consultant
Investors Group Financial Services Inc.
Office 345-6363, Cell 626-6527
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www.investorsgroup.com/consult/millie.gormely
Peace of mind...it comes with the Plan.

*U.S. Housing and Home Finance Agency.
This report specifically written and published by Investors Group is presented as a general source of information only, and is not intended as a solicitation to buy or sell specific investments, nor is it intended to provide legal advice. Prospective investors should review the annual report, simplified prospectus, and annual information form of any fund carefully before making an investment decision. Clients should discuss their situation with their Consultant for advice based on their specific circumstances. Insurance products and services offered through I.G. Insurance Services Inc. Insurance license sponsored by The Great-West Life Assurance Company (outside of Quebec). ™Trademark owned by IGM Financial Inc. and licensed to its subsidiary corporations.