Life Insurance
|
Access Insurance Group knows that life insurance is the basic tool for providing family financial protection for the unexpected. When you plan for the future, you and your family will count on a continued income to maintain a normal lifestyle. Life insurance can help preserve and protect that lifestyle upon the death of a family member. Some needs which commonly arise upon an income earner’s death are:
Funeral & Final Expenses - Estimates vary from $5,000 to $10,000 and up. It will include cash for emergencies, probate fees and legal fees.
Mortgage or Rent - Where would your family live? Would they stay in the same neighbourhood? Surviving family members have to live somewhere.
Education Costs - Education costs are currently running as much as $5,000 per year for just tuition costs and up to $12,000 per year and more for students attending university or college away from home.
Survivors' Income – What will the surviving family members have to live on if the wage earner’s income stops? Would the surviving spouse continue or be forced to return to work? What about the costs of childcare?
Here’s a guideline to assist in determining a family’s income needs after the loss of a provider. Percentages assume that accommodation (mortgage/rent) is fully paid.
|
Complete Your Information Request - Life Insurance
|
|
Annual Gross
Family Income |
Suggested % of
Gross Income |
| Up to $35,000 |
70% |
| $35,001- $39,000 |
66% |
| $39,001- $43,000 |
63% |
| $43,001- $48,000 |
60% |
| Over $48,000 |
57% |
Did you know that two-income households outspend their single-income counterpart? It’s true – if both spouses work, then 70% of their combined gross income should be provided for the survivor, whatever the income level.
Where does your family fit on this scale? To know how much life insurance you and your spouse need, the answer to this question must be found for each spouse, even if only one works outside the home.
Life Insurance
|
Access Insurance Group knows that life insurance is the basic tool for providing family financial protection for the unexpected. When you plan for the future, you and your family will count on a continued income to maintain a normal lifestyle. Life insurance can help preserve and protect that lifestyle upon the death of a family member. Some needs which commonly arise upon an income earner’s death are:
Funeral & Final Expenses - Estimates vary from $5,000 to $10,000 and up. It will include cash for emergencies, probate fees and legal fees.
Mortgage or Rent - Where would your family live? Would they stay in the same neighbourhood? Surviving family members have to live somewhere.
Education Costs - Education costs are currently running as much as $5,000 per year for just tuition costs and up to $12,000 per year and more for students attending university or college away from home.
Survivors' Income – What will the surviving family members have to live on if the wage earner’s income stops? Would the surviving spouse continue or be forced to return to work? What about the costs of childcare?
Here’s a guideline to assist in determining a family’s income needs after the loss of a provider. Percentages assume that accommodation (mortgage/rent) is fully paid.
|
Complete Your Information Request - Life Insurance
|
|
Annual Gross
Family Income |
Suggested % of
Gross Income |
| Up to $35,000 |
70% |
| $35,001- $39,000 |
66% |
| $39,001- $43,000 |
63% |
| $43,001- $48,000 |
60% |
| Over $48,000 |
57% |
Did you know that two-income households outspend their single-income counterpart? It’s true – if both spouses work, then 70% of their combined gross income should be provided for the survivor, whatever the income level.
Where does your family fit on this scale? To know how much life insurance you and your spouse need, the answer to this question must be found for each spouse, even if only one works outside the home.