Why Breadwinners Should Get a Life Insurance?

Life insurance 

Life insurance is a critical means to make sure our loved ones are taken care of should anything happen to us, particularly (but not only) if we are the breadwinner for our family.

Picture this.. Your spouse, who is the sole breadwinner for the family, has suddenly passed away.

And then you asked yourself: “How can I pay the bills? Where will my children and I live? What will happen to my children’s education?”

Life insurance is something most people would prefer not to think about or discuss.

That's not surprising since most people don't like talking about money or mortality anyway

But these are precisely the reasons life insurance is so important.

Life insurance provides money, or what's known as a death benefit, to your chosen beneficiary after your demise.

If you have dependents and/or significant debts, then you should ALWAYS have enough coverage in place for your dependents to survive beyond our demise says Davey Bacaron Manulife Financial Advisor.

The question now is how much coverage you should consider insuring.

Let me share with you a simple calculation. Get your calculator and try this:

 Compute your monthly expenses (ex. food, utility bills and etc.) then multiply it by 120 months.

 The result will be your ideal coverage for insurance.

 If your average expenses per month is around 30,000:

 30,000 x 120 = 3.6 Million.

 This will be the money your family needs when something happens to you.

 5-10 years is ideal for your family to survive financially after a loss.

 I know some of you are not believers in insurance, but I do believe that you won't let your family suffer financial burdens or debts forever.

 Just think about your situation now.

The single biggest advantage of having adequate life insurance coverage is the peace of mind against funeral costs, medical bills, recurring loans, etc you obtained by knowing your dependents would not be facing a host of financial issues should something unfortunate happen to you as breadwinners.

 If you can have the ability to get a backup plan.

 Do it now.

 For it will be a great help for your family when the time comes.

Davey Bacaron is a Manulife Financial Advisor. Davey Bacaron's goal is to also help clients understand what insurance policies make sense for them so that she can provide them with proper coverage. Some of the areas Davey Bacaron can assist include income protection, health insurance, education, retirement plans. Follow Davey Bacaron Manulife Financial Advisor on her Facebook for a free financial consultation. You may follow Davey Bacaron Manulife Financial Advisor on her Instagram here.