What Would Your Family’s Financial Future Look Like Without You?
One of the most uncomfortable things you can – and must – think about is what your family would do if you passed from a terminal illness or the unexpected happened and you didn’t make it home at night. Obviously they’d be dealing with significant grief, and they’d have to do the work that comes with losing someone dear. In addition, if you were the primary or sole breadwinner for the family, your family’s financial future would look very different. They would have to deal with the financial implications of no longer having your income available to fund the lifestyle to which they’ve become accustomed.
Would they have to sell their house? Could your spouse or partner continue to afford to pay for the activities your children love? Might your children – who already lost one parent to death – lose their other parent to having to work more? These are the tough questions that so many Canadian families face. The great news is there is an easy solution.
Life Insurance Brings Solutions and Peace of Mind
Life insurance is often the difference-maker between financial security for your loved ones and financial hardship or ruin. When you pass, it provides your beneficiaries with a lump-sum benefit payment they can use to cover short and long-term expenses, pay for children’s educations, and anything else that is wanted or needed. It’s not about making your loved ones instantly wealthy; rather, it’s about ensuring your family’s financial future after you’re gone.
The other great news is that life insurance, especially term life insurance, is typically very inexpensive. This is important, given that most people need far more insurance than they would ever imagine. But it’s important you buy enough life insurance. This is why it’s important you work with a financial advisor who can calculate your family’s short and long-term life insurance needs. Speak with your advisor about your family’s current and projected income needs, and what you – and they – want for their future. And keep talking about it. Life isn’t static so your life insurance needs aren’t either. As life evolves and changes, ensure your life insurance coverage continues to keep up.
No one wants to think about dying, and few people want to prepare for it. That said, one of the greatest gifts you can provide is protection for your family’s financial future after you’re gone. And, once you have the life insurance you need, you’ll also benefit from the peace of mind it will bring knowing your loved ones will be okay if the worst happens.
Take care, stay safe, and contact your financial advisor for a comprehensive life insurance analysis. I encourage you also to watch my fellow Insurance Representative, Taylor Szeto, speak more in this video to why life insurance is so important for protecting your family’s financial future. Your family and peace of mind are worth it.
The opinions expressed are those of the author and may not necessarily reflect those of Manulife Wealth Inc.
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