Co-Founder, Coastal Financial Partners Group, California
Canadian life insurance professionals would approach life insurance needs analysis in much that same way as we would in the US in most cases. The focus would be on estimating cash and income needs.
The one area where there may be a slight divergence is in the area of estate planning since there isn't an estate tax (though there are other transfer costs where life insurance can provide estate liquidity).
Consult with a life insurance professional near you to start the process.
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
Typically insurance NEEDS are determined by assets, liabilities and goals and desires! So really Wants become a very real consideration. And this is true no matter where you live.
If you are married and have a family, if you should die, do you want them to be able to continue in the same lifestyle as they live now for the rest of their lives? Or do you just want to have your funeral paid for and maybe some of your creditors paid off? My advise is to seek out an experienced insurance adviser, (or a few), and ask them to help you figure out how much life insurance you should have to cover your needs and wants.
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The one area where there may be a slight divergence is in the area of estate planning since there isn't an estate tax (though there are other transfer costs where life insurance can provide estate liquidity).
Consult with a life insurance professional near you to start the process.
If you are married and have a family, if you should die, do you want them to be able to continue in the same lifestyle as they live now for the rest of their lives? Or do you just want to have your funeral paid for and maybe some of your creditors paid off? My advise is to seek out an experienced insurance adviser, (or a few), and ask them to help you figure out how much life insurance you should have to cover your needs and wants.