Family PortraitBefore you dismiss not needing coverage, consider the following:

What happens if you have children and you and your spouse both pass away?
  • Who looks after the children?
  • What amount of money have you left behind for the appointed guardians to continue to raise your loved ones?
  • Will your assets be stuck in probate for an unknown period?<
  • What will the tax issues be upon redemption of those funds? (May mean less left behind.)
If you are single and have no children:
  • Would anyone in your life with whom you love and care about be in a financial bind if something happened to you?
  • Are current savings & work life insurance enough to support whoever the above may be?
  • Loss of income (10 years of income is a good general rule of thumb)
  • Daycare costs---After all you may have to go back to work. Who watches the kids?
  • Debts/ Mortgages owing. (Perhaps you do not have bank insurance on your debts).
  • Possible post secondary costs. (Did you plan to pay for your children's schooling)?
Ensure that you treat the life Insurance through the employer as icing on the cake. Let's face it — you have absolutely no control over whether your employer cuts it as a benefit or not. However you have all the control of your own personal plan.

There is a saying that goes something like this:

"Needing Insurance is like needing a parachute. If it isn't there the first time, chances are that you won't be needing it again."

The truth is every person has a unique situation that they need to address. What I recommend you do is make an honest effort to look into your particular situation. Maybe you need Life coverage and maybe you don't. If you have any questions then contact me and I would be more than happy to discuss as well.

-Russ MacDonald, Heritage Insurance Ltd.
(306) 631-9738

Protect your family's well-being. Call Heritage Insurance, Ltd. at (800) 667-7640 for more information on Saskatchewan life insurance.
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