Do you know how much insurance you really need?

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Daniel Keller

Daniel provides insurance solutions in both the individual and small business markets, assisting clients with their personal health, life, disability, critical Illness and employee benefits insurance needs. As a broker, he can properly assist his clients with protecting their health and the wealth.

If your family counts on your income then you need insurance for their financial security. It’s just that simple. What type of insurance you need and for how long you need it is where your personal situation plays a role.

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Let’s talk about…how much insurance you really need

When it comes to protecting your family, it’s important to have the right amount, and the right type, of insurance in place so you are paying only for the protection you really need.



Why do you need insurance?

If your family counts on your income for housing, education or simple day-today living expenses, then you need insurance to protect their future should something happen to you.


Term vs Permanent

There are two basic types of life insurance…term and permanent. Term insurance provides protection for a specific amount of time…or the “term” of the policy. This is usually 10, 20 or 30 years. Permanent insurance, such as universal life, provides coverage for life and has an investment component to it. Both of these types of life insurance can be customized to your specific needs with riders or other protection products, such as critical illness.


Making insurance affordable for you

Most people have both short term and long term protection needs. Short term can include a mortgage or post-secondary education, while long term is to cover final expenses and leave something for loved ones. This is where the concept of layering comes in to ensure that you only pay for the protection you really need.


What you need today is not what you’ll need tomorrow

When you are young and starting out, your need for protection may be greater than when you are nearing retirement. As your life progresses and you pay off your mortgage, your children complete their education and most of your income-earning years are behind you, your need for insurance will decrease. With less to protect, you should be paying for less protection.

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