Do I need life insurance in my fifties?

Of course you do, and by the way congratulations for making it to mid-century. You are in mid-life. Oh boy!! Maybe less hair, a bit more grey, a few wrinkles, a few extra pounds, but you still got it.

Oh, and by the way, you most likely have the highest expenses of your life. Mortgages, personal and investment properties, a third car, kids off to college, vacations, taxes…

This is the most pressure decade you will have in all of your lifetimes.

How long will I need the life insurance coverage?

Well, for starters, certainly longer than ten years, but it depends on your financial outlook and life circumstances.

Can my company pay?

Yes, but we need to look at the structure and always have our eyes on tax implications. Whenever you can pay life insurance through your corporation, you should take advantage.

Should my spouse be covered if she is not the major breadwinner?

Simple rule of thumb, if your spouse goes down, you will be negatively impacted financially as you will be missing time at work etc… dealing with whatever health issues present themselves.

I have lived through my fifties, I understand it and I understand the planning and pitfalls you need to pay attention to. For accurate, experienced financial information, I’m the guy you can confidently turn to and make sure you get it right.

Do I need life insurance in my forties?

Uh yeah, especially if you have a young family and a burgeoning business or career. You’re at peak life performance. Everything works. Let’s face it, it’s hard to save money in Canada with taxes being so high.

Look at your savings, can you expect your spouse to live off that if you were no longer around? Sure you could sell the house, but do you really want to disrupt your family, and make the move in a time of crisis? Have you looked at rents lately? $1000 per month gets you a room at the YMCA with a cold shower.

The forties are a great time in life and if something unforeseen were to occur like a debilitating illness or unexpected death. Let me tell you It’s tragic.

How much coverage should I buy?

At least ten times your income, if not more depending on your level of debt. Rates are reasonable, so there is no reason not to do the right thing.

You’ve got energy the kids are young, you’re career building, investing in the future, you’re in top physical shape, just make sure you protect yourself… just in case. You get one shot, everyone passes on only once.

What you do in your forties will greatly influence your retirement. Put money away, invest in RESP’s, try to keep your expenses down, buy a ton of life insurance, and most of all, make memories and have fun!