{"id":173,"date":"2017-10-18T16:27:27","date_gmt":"2017-10-18T23:27:27","guid":{"rendered":"https:\/\/mgfadvisory.ca\/news\/?p=173"},"modified":"2018-08-22T16:29:59","modified_gmt":"2018-08-22T23:29:59","slug":"4-questions-to-ask-yourself-before-buying-life-insurance","status":"publish","type":"post","link":"https:\/\/mgfadvisory.ca\/news\/2017\/10\/18\/4-questions-to-ask-yourself-before-buying-life-insurance\/","title":{"rendered":"4 Questions to Ask Yourself Before Buying Life Insurance"},"content":{"rendered":"

There\u2019s no way to paint a pretty picture to help people understand the necessities of buying life insurance. The important thing to understand is that you don\u2019t buy life insurance for yourself, you buy it for your loved ones. Life insurance is a foothold on reality for your spouse and your children in the event of your death. <\/span><\/p>\n

It\u2019s a reality of life we put off because we don\u2019t want to think about the events that could make life insurance necessary. <\/span><\/p>\n

But the problem is we still end up thinking about it, don\u2019t we? Living without adequate insurance will slowly but surely creep into your mind, usually late at night when you\u2019re trying to rest up for a big day. <\/span><\/p>\n

1. Do I Need Life Insurance?<\/b><\/span><\/h3>\n

Do you own anything of value? Do people depend on your income for their own well-being? Will your assets or debts become a burden for your family if you\u2019re not around? If you can answer yes to any of these questions, then it\u2019s not a matter of if you need if insurance, it\u2019s how much and what type. <\/span><\/p>\n

2. Term Insurance vs Permanent Insurance?<\/b><\/span><\/h3>\n

We like to define term insurance vs permanent insurance with a simple analogy \u2013 do you own your home or rent it? With term insurance, you\u2019re essentially renting. You pay a set amount each month for your coverage, whereas with permanent insurance the fees you pay add up and you essentially own your insurance policy. Term<\/i> is cheaper but the fees can go up when the term expires, Permanent<\/i> is more expensive but lasts forever. <\/span><\/p>\n

3. What Do I Own?<\/b><\/span><\/h3>\n

It\u2019s important to understand precisely what is covered by your insurance policy. Let\u2019s say you own a three bedroom house in metro Vancouver. Add two vehicles to that mix and you\u2019re on the hook for a hefty payment for the foreseeable future. Those monthly commitments differ from family to family, but regardless, insurance can help cover this cost for your loved ones during your working years.<\/span><\/p>\n

4. So How Much Insurance Do I Need?<\/b><\/span><\/h3>\n

\u201cA general rule of thumb is you should be covered for at least 10 times your annual income, so if you earn $70,000, you\u2019d be looking at $700,000 in coverage.\u201d That rule is borrowed from Sunlife Financial\u2019s insurance section<\/span><\/a>. The important thing to note is that no two situations are the same. People are easily stressed out because they don\u2019t know what their lives will look like 20, ten, or even five years into the future. <\/span><\/p>\n

And that\u2019s ok. Term insurance can be an asset for a year or thirty and can be an easily affordable fee you\u2019ll be happy to pay each month. <\/span><\/p>\n

Either way, it\u2019s time to ask the right questions about life insurance.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"There\u2019s no way to paint a pretty picture to help people understand the necessities of buying life insurance. The important thing to understand is that you don\u2019t buy life insurance for yourself, you buy it for your loved ones. Life insurance is a foothold on reality for your spouse and your children in the event…

View Article<\/a><\/p>","protected":false},"author":1,"featured_media":174,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance"],"_links":{"self":[{"href":"https:\/\/mgfadvisory.ca\/news\/wp-json\/wp\/v2\/posts\/173","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mgfadvisory.ca\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mgfadvisory.ca\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mgfadvisory.ca\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mgfadvisory.ca\/news\/wp-json\/wp\/v2\/comments?post=173"}],"version-history":[{"count":0,"href":"https:\/\/mgfadvisory.ca\/news\/wp-json\/wp\/v2\/posts\/173\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mgfadvisory.ca\/news\/wp-json\/wp\/v2\/media\/174"}],"wp:attachment":[{"href":"https:\/\/mgfadvisory.ca\/news\/wp-json\/wp\/v2\/media?parent=173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mgfadvisory.ca\/news\/wp-json\/wp\/v2\/categories?post=173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mgfadvisory.ca\/news\/wp-json\/wp\/v2\/tags?post=173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}