Life Insurance Your Life Situation

Identify Your Life Situation And Profile

Identifying your life situation will help you and your broker understand your short and long-term needs and the type of life insurance that best suited to you. You may see yourself in one or more of these profiles. Don’t worry, you can blend different types of life plans and coverage.

  1. Launching Your Career
  2. Getting Established
  3. Broadening Your Horizons
  4. Achieving Financial Security
  5. Accomplished Entrepreneur or Business Owner

1. Launching Your Career

Do you see yourself in this profile?

  • You’re between 20 & 35 years old
  • You’re advancing in your chosen career
  • You want a comfortable home and a reliable car
  • You’ve set life goals and want to plan for your future

Needs that accompany this profile include :

  • Protecting your income and lifestyle
  • Coverage for your mortgage or an outstanding loan
  • Flexibility to adapt to unforeseen or predictable changes

2. Getting Established

Do you see yourself in this profile?

  • You’re between 25 and 55
  • You may be married with children or you’re planning to have children
  • You want to live in a comfortable home and take a trip overseas
  • You may be planning for your children’s education
  • Retirement planning is coming into focus for you
  • You want to achieve financial independence

Needs that accompany this profile include :

  • Mortgage coverage
  • Funding for your children’s education
  • Protecting your lifestyle (and your partner’s lifestyle)
  • Building an inheritance for your loved ones
  • Creating a legacy for a favourite charity

3. Broadening Your Horizons (active parenting is over)

Do you see yourself in this profile?

  • You’re 50+
  • Any children you have live independently or are almost independent of you
  • You own vacation property
  • You would like to travel
  • You’re close to or thinking about retirement
  • You’re concerned about the liquidity of your portfolio
  • You are reassessing your financial portfolio

Needs that accompany this profile may include :

  • Mortgage coverage
  • Supplementary retirement funds
  • Lifestyle protection for you and your partner
  • Funds to cover estate and capital gains taxes
  • Planning for declining health (long-term care needs)
  • Leaving an inheritance for your children and grandchildren

4. Achieving Financial Success

Do you see yourself in this profile?

  • You’re between 35 and 55 years old; You’re married or have a partner
  • You’re a professional or a business owner
  • You own a vacation property
  • You would like to travel but not at the expense of undermining your independence
  • You want to ensure that your assets will meet your needs
  • You want to hire an expert to help you achieve your financial goals
  • You need assistance with tax-advantaged opportunities
  • You intend to invest in your children’s or grandchildren’s future

Needs that accompany this profile include :

  • Coverage for business loans, your mortgage and other loans
  • Supplementary income in retirement in a tax-effective manner
  • Protection for your lifestyle
  • Assurance you’ve covered all taxes on your estate
  • Providing educational funding for any children or grandchildren
  • Creating a legacy for a favourite charity
  • Safeguarding an inheritance for your loved ones
  • Securing your business finances

5. Accomplished Entrepreneur or Business Owner

As a business owner or entrepreneur, you have distinct insurance needs that depend on the stage of business development your company or partnership is in. Your insurance situation becomes even more unique when your personal goals and life situation are taken into consideration.

Do you see yourself in this profile?

  • You have a business or a business partnership
  • Your assets/wealth are tied up in your business
  • You want to build in personal disability and death protection
  • High liquidity in your portfolio is important

Needs that accompany this profile include :

  • Insurance protection for business loans and mortgages
  • Employment continuity for key employees
  • Protection of your lifestyle or your partner’s
  • Supplementary income in retirement in a tax-effective manner
  • Adequate coverage for estate taxes
  • Leaving an inheritance for your partner, children or grandchildren