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How much life insurance is the right amount? Let’s set up some time to discuss the details such as how long you need it and what kind might be right for you. You can walk out feeling more confident and educated on your options.


Script: How much life insurance is the right amount? Simply put, the amount of life insurance you need depends on your unique situation. A good place to start is to figure out how much life insurance you may need… how long you need it for… and what kind might be right for you. Let’s look at an example: Jackie is 33 years old… and has two kids. She has four goals for her life insurance: Leave money to her family to pay off her mortgage. Top up her kids’ registered education savings plans. Pay off her student loans. And, replace her income for 10 years. Based on these goals, Jackie is looking at a 1-million-dollar life insurance policy. If she died, her family could choose to use the insurance payout to: Put 300-thousand dollars toward the mortgage. Add 60-thousand dollars to the kids’ RESPs. Pay off her 40-thousand-dollar student loan. And… cover the family’s ongoing costs with the remaining 600-thousand dollars. How much do life insurance payments cost per month? In Jackie’s case, a 1-million-dollar, 30-year term policy for a non-smoking, 33-year-old woman… could cost about 80-dollars per month. For a man of the same age, it’s closer to 110-dollars per month. How long do you need your coverage to last? For a younger person… or a couple with debt and a mortgage, a 30-year policy or longer may be suitable. For someone in their forties… with little debt and a small mortgage… a 20-year policy might be the right fit. What are your options? Your employer may offer life insurance through your employee benefits. But… it may not be enough. And you can lose that coverage if you change employers. You may want to consider more life insurance. In which case, you have two types to choose from: Term life insurance. And… permanent life insurance. Any amount of life insurance can help give your loved ones some financial security when you die. Your unique situation will inform the amount and type of insurance you need. For more tips and tools, visit sunlife.ca.

New studies show that lifelong social support can slow biological aging. The effect wasn’t about single friendships but about consistent connections across decades.

"It's not just about having friends today; it's about how your social connections have grown and deepened throughout your life. That accumulation shapes your health trajectory in measurable ways."

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Curious about TFSAs? Watch this video to learn how they work, their benefits and contribution limits.

Whether you're saving for a vacation, a home or for retirement, a TFSA can help your money grow tax-free.

Still have TFSA questions? Contact us here at Reid & Associates.

#TFSA #FinancialGoals #Savings

📧 reid.associates@sunlife.com
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There’s no way of predicting the unexpected expenses that life can toss your way. An emergency fund can help provide a buffer against unexpected expenses and life's curveballs. Check out this article for tips on building an emergency fund.

#MoneyManagement #Savings #EmergencyFunds

https://www.sunlife.ca/en/tools-and-resources/money-and-finances/managing-your-money/how-to-build-your-emergency-fund/

Empower yourself with easy-to-understand resources and learn more about the financial industry.

The opinions expressed in this article are of the fund company that owns this content and do not constitute professional advice or recommendation, nor do they reflect the official position of Sun Life. Please seek advice from a qualified professional, including a thorough examination of your specific legal, accounting and tax situation.