Life insurance planning for Brampton families
The right amount of life insurance is not a fixed multiple for everyone. It should reflect debts, mortgage obligations, income replacement, children, education goals, existing savings and how long your family would need financial support.
Term, whole life or universal life?
Term life insurance
Usually designed for temporary needs such as mortgage protection, income replacement while children are dependent, or business obligations. Premium structure and renewal costs vary by policy.
Permanent life insurance
Whole life and universal life can be used for lifelong protection, estate needs and other long-term planning goals. Costs and guarantees differ substantially, so illustrations and policy contracts should be reviewed carefully.
What I review with you
- Mortgage and other debts
- Family income replacement needs
- Existing employer and personal coverage
- Children and education obligations
- Budget and desired coverage period
- Health and underwriting considerations
The goal is not to buy the largest policy. It is to choose coverage you understand and can reasonably maintain.