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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.
Do you want to start a savings account but don't know which tax-advantaged savings account is the
right one for you?
Tax Free Savings Account (TFSA): a registered investment account to help you save money while
holding qualified investments.
Registered Retirement Savings Plan (RRSP): an investment account specifically to help you save
money for retirement.
Tax-Free First Home Savings Plan (FHSA): a registered investment account for saving up to
purchase your first home.
Need guidance on which savings account is right for you? Reach out to our team! We're happy to
guide you through each option and how it can work for you.
https://advisor.sunlife.ca/theworks/
519-969-1133
Are you struggling to decide whether to pay off your mortgage early or invest in retirement savings?
To help you decide, ask yourself these four questions:
1. How long do I have until retirement?
2. How much do I owe on my mortgage?
3. Do I want to move or rent when I retire?
4. What am I willing to risk?
We understand that answering these questions can be difficult. Together we can navigate these
complex financial decisions, with our professional advice and provide you with the information you
need!
Ready to build a brighter financial future? Contact our Advisory Team today and discover the
unparalleled Client experience we offer.
https://advisor.sunlife.ca/theworks/
519-969-1133
8 ways you can benefit from life insurance:

1. protecting your wealth
2. dividing your estate
3. providing a tax-free payout
4. protecting your estate
5. diversifying your portfolio
6. providing extra tax-free retirement income
7. funding a buy-sell agreement
8. enabling you to be able to support a cause

Read more about protecting your wealth with life insurance in this article.

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Sunlife
We are contracted with Sun Life Financial Distributors (Canada) Inc., a member of the Sun Life group of companies. Mutual funds distributed by Sun Life Financial Investment Services (Canada) Inc.