{"id":607,"date":"2022-11-22T16:03:25","date_gmt":"2022-11-22T21:03:25","guid":{"rendered":"https:\/\/blog.term-life-insurance.ca\/?p=607"},"modified":"2022-11-22T16:03:25","modified_gmt":"2022-11-22T21:03:25","slug":"does-your-family-need-life-insurance-how-to-know","status":"publish","type":"post","link":"https:\/\/term-life-insurance.ca\/blog\/does-your-family-need-life-insurance-how-to-know\/","title":{"rendered":"Does your Family Need Life Insurance? How to Know."},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"607\" class=\"elementor elementor-607\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-59ed3843 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"59ed3843\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d8d63bb\" data-id=\"d8d63bb\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-47fd9805 elementor-widget elementor-widget-text-editor\" data-id=\"47fd9805\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Does your family need life insurance? It&#8217;s a question that many Canadian parents ask themselves, and it&#8217;s one that deserves careful consideration. There are many factors to consider when determining whether or not life insurance is right for your family.<\/strong><\/p>\n<p><strong>In this blog, we&#8217;ll explore some of the most important factors to take into account. We&#8217;ll also provide guidance on how to determine how much life insurance you need, as well as offer an overview of the different types of policies available.<\/strong><\/p>\n<p><strong>By the end of this post, you should have a good understanding of whether or not life insurance is right for your family and, if so, how to choose the best policy for your needs.<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0ba7919 elementor-toc--minimized-on-tablet elementor-widget elementor-widget-table-of-contents\" data-id=\"0ba7919\" data-element_type=\"widget\" data-settings=\"{&quot;container&quot;:&quot;.elementor-text-editor.elementor-clearfix&quot;,&quot;exclude_headings_by_selector&quot;:&quot;#no-ToC&quot;,&quot;marker_view&quot;:&quot;bullets&quot;,&quot;icon&quot;:{&quot;value&quot;:&quot;fas fa-dot-circle&quot;,&quot;library&quot;:&quot;fa-solid&quot;},&quot;headings_by_tags&quot;:[&quot;h2&quot;,&quot;h3&quot;,&quot;h4&quot;],&quot;minimize_box&quot;:&quot;yes&quot;,&quot;minimized_on&quot;:&quot;tablet&quot;,&quot;hierarchical_view&quot;:&quot;yes&quot;,&quot;min_height&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;min_height_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;min_height_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"table-of-contents.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toc__header\">\n\t\t\t<h2 class=\"elementor-toc__header-title\">\n\t\t\t\tTable of Contents\t\t\t<\/h2>\n\t\t\t\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--expand\" role=\"button\" tabindex=\"0\" aria-controls=\"elementor-toc__0ba7919\" aria-expanded=\"true\" aria-label=\"Open table of contents\"><i aria-hidden=\"true\" class=\"fas fa-chevron-down\"><\/i><\/div>\n\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--collapse\" role=\"button\" tabindex=\"0\" aria-controls=\"elementor-toc__0ba7919\" aria-expanded=\"true\" aria-label=\"Close table of contents\"><i aria-hidden=\"true\" class=\"fas fa-chevron-up\"><\/i><\/div>\n\t\t\t\t\t<\/div>\n\t\t<div id=\"elementor-toc__0ba7919\" class=\"elementor-toc__body\">\n\t\t\t<div class=\"elementor-toc__spinner-container\">\n\t\t\t\t<i class=\"elementor-toc__spinner eicon-animation-spin eicon-loading\" aria-hidden=\"true\"><\/i>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-efa3677 elementor-widget elementor-widget-text-editor\" data-id=\"efa3677\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><span style=\"font-weight: 400; color: inherit; font-family: inherit; font-size: 2rem;\">Here\u2019s How to Find Out How Much Life Insurance Your Family Needs.<\/span><\/h2><p><span style=\"font-weight: 400;\">Many Canadian parents are unsure how much insurance their families should get. Here\u2019s what you need to know before deciding:<\/span><\/p><h3><span style=\"font-weight: 400;\">Why is Life Insurance Important for Families?<\/span><\/h3><p><span style=\"font-weight: 400;\">There are a number of reasons why life insurance is important for families. Perhaps the most obvious reason is that life insurance can provide financial security in the event of your death.<\/span><\/p><p><span style=\"font-weight: 400;\">That means, if you are the primary breadwinner for your family, having a life insurance policy in place can help to ensure that your family is taken care of financially if you die unexpectedly.<\/span><\/p><p><span style=\"font-weight: 400;\">But in addition to providing your loved ones with a financial safety net, life insurance can also help to make sure your family can still pay the bills and maintain their standard of living. <\/span><span style=\"font-weight: 400;\">Not to mention, life insurance also can help your family pay off debts like a mortgage, and <a href=\"https:\/\/blog.specialtylifeinsurance.ca\/how-much-does-the-average-funeral-cost-in-canada-2022\/\" target=\"_blank\" rel=\"noopener\">cover final expenses like funeral costs<\/a>.<\/span><\/p><p><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/blog.term-life-insurance.ca\/wp-content\/uploads\/sites\/19\/2022\/11\/1.-jerry-wang-u98NbETbj4M-unsplash.jpeg\" alt=\"how much life insurance do i need canada\" width=\"640\" height=\"427\" \/><\/span><\/p><h3><span style=\"font-weight: 400;\">How to Determine How Much Life Insurance You Need<\/span><\/h3><p><span style=\"font-weight: 400;\">Figuring out how much coverage you need may seem like a daunting task, but there are some simple steps you can take to get an estimate of how much coverage would be right for your family.<\/span><\/p><p><span style=\"font-weight: 400;\">One of the easiest ways to determine how much life insurance you need is to use a <a href=\"https:\/\/term-life-insurance.ca\/calculator\" target=\"_blank\" rel=\"noopener\">life insurance needs calculator<\/a>. These online tools ask you for some basic information about your family and financial situation and then provide an estimate of the amount of coverage that would be appropriate for your situation.<\/span><\/p><p><span style=\"font-weight: 400;\">Another way to estimate your life insurance needs is to consider your annual income and debts. A good rule of thumb is to purchase a policy that is worth 10-12 times your annual income.<\/span><\/p><p><span style=\"font-weight: 400;\">So, if you earn $50,000 per year, you would need a policy with a death benefit of $500,000-$600,000.<\/span><\/p><p><span style=\"font-weight: 400;\">This approach doesn&#8217;t take into account other factors such as whether or not you have children in college or outstanding debt, but it can give you a starting point for estimating your coverage needs. Oftentimes you may benefit from having a higher death benefit, such as if you have a large number of financial dependants, take care of aging parents, or have special needs children that will require financial support in case you pass away.<\/span><\/p><p><img decoding=\"async\" src=\"https:\/\/blog.term-life-insurance.ca\/wp-content\/uploads\/sites\/19\/2022\/11\/2.-thiago-cerqueira-Wr3HGvx_RSM-unsplash.jpeg\" alt=\"cheap term life insurance canada for families makes child happy\" width=\"640\" height=\"427\" \/><\/p><h3><span style=\"font-weight: 400;\">The Different Types Of Life Insurance Policies Available<\/span><\/h3><p><span style=\"font-weight: 400;\">There are two main types of Life Insurance policies available: term life insurance and whole life insurance.<\/span><\/p><h4 style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">Term Life Insurance<\/span><\/h4><p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">Term life Insurance provides coverage for a set period of time (usually 10-30 years). If you die during the term of the policy, the death benefit will be paid out to your beneficiaries.<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">If you live beyond the term of the policy, it will expire without paying out any benefits. With that said, you may have options to renew the term if you want to keep your coverage.<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">People often like term plans for their flexibility and affordability. With term insurance, you control how long you need coverage, and premiums are often much less expensive than whole life policies.<\/span><\/p><ul><li style=\"list-style-type: none;\"><ul><li><b>READ MORE:\u00a0<a href=\"https:\/\/blog.term-life-insurance.ca\/how-to-save-money-on-term-life-insurance\/\" target=\"_blank\" rel=\"noopener\"><u>How to Save Money on your Term Life Insurance<\/u><\/a><\/b><\/li><\/ul><\/li><\/ul><h4 style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">Whole Life Insurance<\/span><\/h4><p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">Whole Life Insurance meanwhile provides lifetime coverage as long as premiums are paid on time. In addition to providing a death benefit, Whole Life Insurance also has a cash value component that grows over time.<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">On the other hand, withdrawing from your policy can seriously reduce the death benefit and\/or decrease the policy&#8217;s cash value.<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">Not to mention, whole life policies are much more expensive and may only cover up to a certain age.<\/span><\/p><h4 style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">T100 Life Insurance (Term 100)<\/span><\/h4><p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">This exciting new policy combines the affordability of term insurance with the longevity of whole life insurance.\u00a0<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">With this plan, you get locked into an affordable rate for long-term coverage up to the age 100. Premiums are inexpensive compared to a whole life policy since these plans don&#8217;t accumulate a cash value.<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">Though that might not seem like welcome news at first, it&#8217;s important to note that the money you&#8217;ll save on a T100&#8217;s lower premiums negate much if not all of the cash value made by a whole life plan.<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">In other words, you still get great long lasting coverage, without needing to pay for the <em>frills<\/em> that won&#8217;t account to much for your family and loved ones anyway.<\/span><\/p><ul><li style=\"list-style-type: none;\"><ul style=\"font-size: 16px; background-color: #ffffff;\"><li style=\"font-size: 16px;\">LEARN MORE: <a href=\"https:\/\/term-life-insurance.ca\/term-100\" target=\"_blank\" rel=\"noopener\"><u>What is T100 Life Insurance? Term 100 Explained.<\/u><\/a><\/li><\/ul><\/li><\/ul><p><span style=\"font-weight: 400;\">At the end of the day, all types of life insurance have advantages and disadvantages. That\u2019s why you&#8217;ll want to know your family\u2019s specific situation before you decide which type is best.<\/span><\/p><p><img decoding=\"async\" src=\"https:\/\/blog.term-life-insurance.ca\/wp-content\/uploads\/sites\/19\/2022\/11\/3.-jimmy-dean-Yl7Y8DhyzyY-unsplash.jpeg\" alt=\"family at dinner wondering how much term life insurance do I need?\" width=\"640\" height=\"427\" \/><\/p><h3><span style=\"font-weight: 400;\">How To Choose The Right Policy For Your Family<\/span><\/h3><p><span style=\"font-weight: 400;\">Now that you know a bit more about life insurance and the different types of policies available, it&#8217;s time to start thinking about which policy is right for your family.<\/span><\/p><p><span style=\"font-weight: 400;\">There are a few things you&#8217;ll want to keep in mind as you compare policies:<\/span><\/p><ul><li><b>Consider how long you need coverage for<\/b><\/li><\/ul><p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">Different policies cover different amounts of time, so it&#8217;s crucial to know how long you want protection for.<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"font-weight: 400; color: var( --e-global-color-83cf8cc );\">For example, i<\/span><span style=\"font-weight: 400;\">f you only need coverage for a specific period of time (e.g., until your children are out of college, or until your mortgage is paid off), then term life insurance may be the best option.<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">As a rule of thumb, the shorter of a term you need covered, the more affordable coverage is.<\/span><\/p><ul><li><b>Think about how much coverage you need.<\/b><\/li><\/ul><p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">As mentioned earlier, one way to estimate your needs is to consider your annual income and purchase a policy that is worth 10-12 times your annual income. However, this approach doesn&#8217;t take into account other factors such as whether or not you have children in college or outstanding debt.<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">That means, you may want to use a life insurance needs calculator to get a more accurate estimate of how much coverage would be right for your family.<\/span><\/p><ul><li><b>Make sure to compare apples-to-apples when comparing policies from different insurers.<\/b><\/li><\/ul><p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">It&#8217;s important to compare similar types of policies (For example, Whole Life Vs Term Life ) to make sure that the policies have the same coverage period and benefit amounts.<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">Also, be aware of any differences in the policy conditions or exclusions that could make one policy better suited for your family than another.<\/span><\/p><p style=\"padding-left: 40px;\"><span style=\"font-weight: 400;\">\u00a0<\/span><\/p><ul><li><b>KEEP READING:\u00a0<\/b><a href=\"https:\/\/blog.term-life-insurance.ca\/insurance-for-parents-why-your-kids-need-you-protected\/\" target=\"_blank\" rel=\"noopener\">Insurance for Parents: Why Your Kids Need You Protected<\/a><\/li><\/ul><hr \/><h2><span style=\"font-weight: 400;\">Conclusion<\/span><\/h2><p><span style=\"font-weight: 400;\">Hopefully this blog post has helped you to better understand whether or not your family needs life insurance and, if so, how to choose the right policy for your needs.<\/span><\/p><p><span style=\"font-weight: 400;\">Remember, there is no one-size-fits-all answer to this question! The best way to determine if life insurance is right for your family is to carefully consider your unique circumstances and then make an informed decision.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c368474 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"c368474\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1a51908 elementor-widget elementor-widget-text-editor\" data-id=\"1a51908\" data-element_type=\"widget\" id=\"no-ToC\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2 style=\"font-family: Arial, sans-serif; color: #000000;\">Still Have Questions About Finding the Best Coverage? We Got Your Answers.<\/h2><p><span style=\"color: #000000; font-family: Arial, sans-serif;\">If you&#8217;re still not sure which policy is best for your family or circumstances, don&#8217;t worry! We get that with so many options, it can be tough to decide which is best.\u00a0<\/span><\/p><p><span style=\"color: #000000; font-family: Arial, sans-serif;\">That&#8217;s why our expert advisors are here to answer any questions you may still have. In just a few quick questions, you can find out exactly how simple life insurance can be.<\/span><\/p><p><span style=\"color: #000000; font-family: Arial, sans-serif;\"><b>Let us help you find the perfect coverage for your family and loved ones. Get started now by clicking the button below.<\/b><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-19381f6 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"19381f6\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-lg elementor-animation-grow\" href=\"https:\/\/term-life-insurance.ca\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">FIND THE PERFECT INSURANCE NOW<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Does your family need life insurance? It&#8217;s a question that many Canadian parents ask themselves, and it&#8217;s one that deserves careful consideration. There are many factors to consider when determining whether or not life insurance is right for your family. In this blog, we&#8217;ll explore some of the most important factors to take into account. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":626,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","wp_social_preview_title":"","wp_social_preview_description":"","wp_social_preview_image":0,"footnotes":""},"categories":[39,41],"tags":[],"class_list":["post-607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-life-insurance","category-term-life-insurance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Does your Family Need Life Insurance? How to Know.<\/title>\n<meta name=\"description\" content=\"Wondering if your family needs life insurance? It&#039;s a valid question asked by many Canadian parents. 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