Term life insurance
is for anyone who has children, gets married, buys a home or assumes other
financial responsibilities. "Term life insurance needs to be reviewed
on a regular basis" says, Ivon T. Hughes of The Hughes Trustco Group.
"Like
most people, you probably already own some term life insurance. But surveys
say that most just don't know how much term life insurance they have."
While your
term life insurance coverage may have remained unchanged, your life circumstances
undoubtedly have not. A recent survey found that 43 percent of North Americans
fail to review their coverage after a major life event, defined as the birth
or adoption of a child, marriage or divorce, the purchase of a house or graduation
of a child.
"Term
life insurance is so important that the life insurance industry needs to
educate more people about the importance of protecting their loved ones;
their families' financial futures are at stake" says, Mr. Hughes.
THERE ARE
MANY CIRCUMSTANCES THAT CAN AFFECT YOUR LIFE INSURANCE COVERAGE.
Is your policy's
death benefit adequate? If your goal is income protection, is the policy's
death benefit large enough for your family to maintain today's standard of
living? If the policy was purchased for wealth preservation, is the death
benefit adequate to cover current estate settlement costs?
How is your
policy performing compared to what is needed now? After a decade of declining
interest rates, the coverage you are paying for today will earn less if invested
to earn a monthly income.
Are you paying too much? Sometimes, you can pay less for the same amount
of coverage. Or, you may be able to obtain additional coverage for the same
price.
Is the policy's
ownership structured correctly? The ownership of a life insurance policy
should be considered carefully.
Are your beneficiary
designations up to date? Births, deaths, marriages and divorces all have
an impact. You would be amazed at how many people fail to update this critical
piece of information. You could, unwittingly, make your ex a very wealthy
person!
The Hughes
Trustco Group helps you answer these questions and determine whether or not
you have enough life insurance," says Ivon T. Hughes of The Hughes Trustco
Group. "You may find your coverage is fine; you may even discover you
need less than you own. Just make sure you find out where the policy is and
have it reviewed. Your family will be grateful you did".
Back
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Ivon T. Hughes, The Hughes Trustco Group Ltd.
Online Insurance Broker - Get a FREE Quote TODAY!
Tel: (514) 842-9001 Email: info@trustco.ca
Web: http://www.trustco.ca
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