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RISING WOMEN EXPERT
ADVICE...
When is the last
time you reviewed your life insurance?
Betty enjoys her job as regional sales manager. She gets to meet a lot of
interesting people in her travels, which takes her to several parts of the
province. But, it also leaves her wishing she had more time to spend with
her husband and three children. In fact, it’s something that has been on
Betty’s mind lately. How would they cope financially if anything were to
happen to her? Her salary pays the mortgage and most of the bills at home,
and her commission these days isn’t what it used to be.
Often, Betty’s sales calls take her past an insurance agency. Curious, Betty
stopped in and picked up a brochure about life insurance that talked about
mortgage coverage. That would take care of the house, she thought, but what
about things like her children’s education? Or income for her husband to
supplement his home-based business?
The fact of the matter is, some families have never thought of life
insurance or how much coverage they really need. Even more of us have
purchased policies earlier in life and have failed to recognize that our
life changes equate to a need for more adequate coverages. When is the last
time you and your family looked at your financial needs and reviewed your
life insurance? Is your life insurance coverage adequate? Do you have enough
coverage to meet your financial needs?
Most insurance companies have a variety of products to meet your changing
needs, such as a product called Infinity Term, which offers you coverage for
life, and the benefit can be used any way the beneficiary wants. Insurance
can cover the things that Betty indicated, plus:
- Leaving an inheritance to her children;
- Covering the cost of their education;
- Taking care of final expenses and taxes.
Insurance products also allow you to customize your policy with additional
riders, such as coverage for critical illness or disability insurance to
build a plan that suits your needs.
Whether you want to protect your business, your estate or your family’s way
of life, the best advice I could give is to review your coverage options and
review your needs even more often. There are many products out there to
cater to every financial situation. Talk to an insurance agent you trust and
find out what products better suit your changing needs.
Danielle Miller |
