Well, everybody has a different life insurance need. Not a helpful answer, right? But it is a fact that everyone has unique life insurance needs. This blog should help figure out what your unique need is. The more you know the more effective your financial planning will be. The best way to answer to the “How Much?” question is to complete a Needs Analysis. A Needs Analysis is essentially is a balance sheet that lists all your financial obligations and compares them to your readily available assets. If your obligations exceed assets then you should consider life insurance coverage. When considering life insurance it’s a great idea to think of your financial obligations as either fixed-term or permanent obligations. Car loans, a child’s post-secondary education, mortgages and debt would fall under the fixed-term obligation. In other words, the financial obligation is temporary. If the financial obligation doesn’t seem to fall...
80% of us overestimate the cost of life insurance. In fact, those with no life insurance think it's 3 times more expensive than it actually is. (LIMRA, 2015). But for many, the cost per month would be less than buying a cup of coffee everyday. So what is the cost of insurance? Life insurance prices are unique to the individual. Premiums* are based on lifestyle and health questions. But here are the facts about life insurance costs: general cost increases as we age life insurance is more expensive for males (25%+ higher cost) life insurance costs are up to 100% higher for smokers In addition to the increasing costs that come with age, the older we are the more likely we are to be uninsurable. So if insurance is required over a long period of time (have a growing family?) instead of choosing a shorter length of time like 10...
Like each of us, life insurance policies have different strengths. They each have their own purpose, features and benefits. When we're considering life insurance options we all look for different things depending on the specific needs of our own loved ones. When planning what life insurance is right for you, there are two terms you need to understand: “term” and “permanent”. These are two big product categories, and the products are designed for different needs. So let’s break them down so you can make some informed decisions. Both term and permanent life insurance will protect your family in the event of a premature passing by providing tax-free proceeds to help maintain their standard of living. But what’s the difference between these two products? Need coverage for fixed period of time? Term insurance is great for financial obligations that have a fixed duration, such as: mortgages, car loans, funding for a...
Teachers Life sent two students to Me to We's Take Action Camp this summer! In the spring we took applications from Ontario students aged 9-18 for two scholarships for a week at Me to We’s Take Action Camp. Our winners were the amazing 17 year-old Jathusha Mahrenthirarajan and the delightful 12 year-old Falak Somani! Both girls sent us enthusiastic letters about their time at camp. We were thrilled to discover that both campers had a wonderful and inspiring adventure at this unique place. Read Falak's letter: Take Action Camp was an experience that I will never forget. It made my dreams become easier to achieve and has led to me to even more opportunities. (e.g, because of this camp I finally get to go to We Day!) To begin, the first few days of camp we talked about why we are all here, and what we are here to do....
