Life Insurance is designed to protect you and the people most important to you.
The concept of insurance goes back to the days of the Romans, but it wasn’t formalized until the 18th century. Essentially, it’s a means of spreading financial risk among a large number of people who pay into a fund or pool. In this way, the cost is minimized for those who suffer an unexpected misfortune.
Life insurance is a way to protect your survivors and dependents against financial hardship. A life insurance contract or policy
is a legal agreement between you and an insurance company that guarantees payment of the face value of the policy, upon death.
How much life insurance do you need?
How do you figure out how much life insurance you need? A ballpark measure sometimes used is between five and seven times current net income. But to work out the specifics of your own situation, you’ll want Greg to provide a financial needs analysis. It gives you a picture of the capital your survivors need when you die. It looks at assets that would be available to them, liabilities they would have to deal with, and continuing family needs for income.
Ideally, you want to speak with Greg when deciding just how much you need. For quick reference guide you can use this insurance calculator to determine your needs — With our InsureRight Calculator, you can complete an analysis of your life, disability and critical illness insurance needs.
Do you even need life insurance?
- If you are in a personal partnership (usually marriage), how much do you contribute to the family budget? If you were to die prematurely, how would your survivor(s) get by, especially dependent children?
- Does anyone else depend on you financially, such as a parent, grandparent, brother or sister?
- If you are a single parent, what level of support payments are you making or getting? How would these be kept up in the event of the contributor’s death?
- If you have a mortgage on your home, do you want it paid off in the event of your death?
- If you have children, do you want to put aside money to complete their education in the event of your death?
Thinking about how to buy life insurance?
You may be able to get some life and health insurance coverage through your employer’s group benefits plan, but for individual insurance you'll want to meet with an expert advisor like Greg Brown so he can make recommendations best suited for you and your family.
- Term – flexible and affordable protection providing coverage for a specified period
- Whole life – guaranteed, reliable, permanent protection that builds cash value over time
- Universal life – permanent protection with tax-advantaged investment growth
- Synergy – unique solution combining a life, a critical illness and a disability insurance policy all in one affordable package
Why consult with a Greg Brown?
The market is loaded with lots of insurance products and quite often the best options aren't even really known to the general public. That is why you want to work with someone who has the knowledge to navigate through the jargon and can explain to you your best options.