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Carpet SuperStores Saskatoon

Life Insurance - Families with Young Children

Very few things in life compare to the joy, pride, and responsibilities that come with starting a family. One day you’re free of responsibilities, and the next, the responsibilities are almost overwhelming.

Life insurance, which was once not thought of as relevant or important, is now an asset that will hold the family together in the event of death.

At this stage of life, you may start asking new questions about life insurance for families with young children:

When asking all these questions, remember that life insurance will provide cash at death no matter which policy you have. Life insurance is an investment in your family’s future.

At Vistaplan Financial Group, we have helped provide life insurance for families with young children and have delivered millions in death benefits. An example: A client passed away leaving a spouse and young children. Life insurance is what provided the funds to continue their lifestyle. In this situation, the life insurance on the deceased was enough for his wife to continue to live in their family home and raise their 3 children as a stay-at-home mom. Today all three children have completed university without any debt and are starting their own careers.

Things to think about when choosing life insurance for families with young children:

1. What should your life insurance benefits cover?

2. How much of your budget should go to life insurance premiums?

Many experts say life insurance premiums will be in the range of 6% to 8% of your annual income. It is best to consider premiums in context of your current family budget constraints. There are many solutions that can be tailored to suit your needs.

Example
Male age 40, coverage of $2,000,000 is only $106.92 per month
Female age 40, coverage of $2,000,000 is only $72.36 per month

* These rates are provided for illustrative purposes only and could change at any time so they can not be guaranteed.

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