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Thursday, 01 November 2012 17:54

Life Insurance Rates Have Never Been Lower

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Experts say a life insurance policy should be a staple in a family’s financial plan, yet many still struggle at the mere mention of it.

Apart from the notion that insurance premiums aren’t affordable, many people don’t like thinking about the end of life, let alone discussing it in detail.

“It’s not exactly buying something sexy, like an iPad, or some kind of Apple products,” says Cathy Preston, vice-president, Life and Health at RBC Insurance.

Thinking of buying insurance, she admits, forces one to deal with one’s demise. And there’s also the cost of paying for insurance, when there are other bills to pay and more tangible things to buy.

But Moshe Milevsky, an author and finance professor at York University, said that there are a lot of ways to cut down on the cost of life insurance premiums.

First on the list is assessing how much coverage you need.

The basic function of an insurance is to replace the income you provide your dependents once yours is removed from their budget. If you are single or have no dependents, you may not even need one.

To determine the coverage, decide how much of a continuing income will be required by your dependents — including living expenses, the cost of repaying debts like mortgages, post-secondary education and caregiving costs for parents or elderly relatives.

Don’t forget to check all the other coverage you may have from group insurance at work to credit card or mortgage insurance.

Take the continuing income you came up with and minus the other coverage you already have. The new figure should give you an idea how much life insurance coverage you need.

Read 26115 times Last modified on Friday, 19 April 2013 14:49
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