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Finance: Life Insurance provides security after you're gone

By Leo van den Berg
President, IMAX Financial Services Ltd.

Is there life after death? It's a question you may have pondered before. The answer is really quite simple. If the worst should happen and you die, your family will live on after you.

What kind of life will they be living when you're gone? Will your spouse be able to pay the mortgage or the rent? Will the kids be able to go to university? In short, will your family be able to live the way they would if you were still alive?

With life insurance, everything's taken care of. The reality is that life insurance isn't for people who die. It's for the people who live. It's to give your children a future and your spouse security.

Whether you're a wage earner or a homemaker, life insurance should be the foundation of any family's financial security.

The next question you might have could be: What type of plan should I buy? How much should I buy? It is very important to buy enough insurance to secure that it can do the things you want it to do. There are plans that have a savings element included and plans that offer a death benefit without a savings element. In order to decide the type of plan, it is important to know the length of time that you want the coverage to be in effect.

Some plans only need to be in force for a year, for example to cover a loan. Other plans might cover a period for a mortgage term. Some plans are chosen to cover the time you have to care for dependent children. Whichever plan you choose, make sure that it is for the right amount and the right duration. Most agents have a method to assist you in determining the amount you require.

Most insurance companies have a variety of term insurance plans. They are both affordable and they will allow you to choose the duration of the coverage from one year to age 100.

Please take a moment to speak to an agent or insurance broker because: Life does not come with guarantees, but life insurance does.

Leo van den Berg is President of IMAX Financial Services Ltd. and Education Planners. You can reach him by calling (403) 617-4629 (toll free 1-888-383-9559) or e-mail him at imax@shaw.ca.