Life insurance is really about planning for your family’s financial needs. It’s about ensuring your family will be able to live the life you want them to live if you are not there to provide for them. Of course, none of us wants to think about the possibility of not being around to take care of our families, but it’s important to be prepared. Life insurance is the best financial planning step you can take.

I recommend my clients consider three types of life insurance.

Individual/Family

If you pass away when you are still in your income-earning years, you want to make sure your kids can still go to college or university and your family can live without financial pressures. This is especially true if you are the primary breadwinner.

Simply put — when you buy life insurance, you provide your family with tax free replacement income if you pass away before they do.

Mortgage

For most families, a home mortgage is their single largest investment. But if you pass away before the mortgage is paid off, your spouse will have to carry that financial burden without your support. Unless, of course, you have life insurance to cover the mortgage.

Mortgage life insurance allows you to name a beneficiary who will receive a payment equal to, or even greater than, your mortgage.

Loan/Debt

Although a mortgage may be an individual or family’s largest debt, it’s likely not your only debt. You can also purchase life insurance to cover the cost of other debts, such a car loan, credit card debt, or your child’s student loan.

While you can purchase car loan insurance from a dealership, I will be able to provide the same or better coverage at a lower rate because I can look after all of your life insurance needs at one time.

Let’s talk about life insurance.