This article was originally published as a page on my site. I have decided to remove it and replace it with a blog entry. Here it is, slightly edited:
I like being asked the question, “Do I need insurance?” This means that the person is not politely walking the other way once it is known what I do. Yes, I am a financial advisor, but I do sell life insurance along with the living benefits of disability, critical illness, and long-term care insurance, and more.
We all have insurance needs whether we like to admit it or not. Some insurance is required, such as home insurance (when you have a mortgage) and auto insurance. Other insurance is voluntary. Insurance is generally intended to protect you from financial losses or possible catastrophe.
Life insurance can provide for your loved ones at various stages of your life. It can also ensure that final expenses and income taxes at death are looked after. The living benefits may be seen as paycheque insurance. They protect your greatest asset: your ability to earn a living. When you travel outside of Canada, you ‘need’ travel insurance. When you travel outside of Alberta, you ‘should’ have travel insurance. Medical benefits are often provided by a group plan, but not everyone has coverage.
One thing I would like to emphasize is to buy life insurance and living benefits as early in life as possible. This is when the rates are generally lower, and it is when you have a greater likelihood of being insurable. As we age, medical and other factors may affect insurability.
Whether it be with me or your trusted, I encourage you to review your current life and living benefits insurance coverage, ensure you understand it, assess whether you have too much or too little, and determine if you are paying too much since term insurance rates have dropped. This includes a review of your group coverage to point out potential gaps.
**This message is an expression of the author’s personal opinions. The companies represented by Antony (Tony) Ratcliffe of Ratcliffe Wealth & Risk Management, as an independent agent/broker in Alberta, Canada, will not be held liable in any way for the opinions expressed herein.
