In addition to the emotional circumstances of a sudden or unexpected passing, there can be serious financial hardship placed on your loved ones. Immediate financial worries should be the last concern at this difficult time. Here are some present and future financial needs to consider when calculating how much Life Insurance will adequately cover your beneficiaries’ needs.

• Final expenses; cost of funeral.
• Outstanding mortgage; pay off balance.
• Outstanding debts; credit card, car loan, line of credit, investment loan.
• Immediate needs; avoid having to dip into RSSP or any other saving programs, thus preventing interruption of existing financial plan.
• Emergency expense fund; unforeseen house or car repair.
• Loss of income replacement; how many years worth of salary is required to allow your family to maintain their current standard of living.
• Children’s post secondary education; continue existing RESP contributions, top-up balance of tuition not covered by RESP, out of town residency, supplies.
• Spouse’s employment; how much time can your spouse afford to be off work?
• Spouse’s income; is it sufficient, might they have to return to school?

This is why you should consider a personal life insurance policy. Talk to a broker about your coverage. Thank you for choosing Ottawa Insurance Quotes, where we give you the best price and value quote on demand.

Insurance Broker; Mike Coogan