What you would like your life insurance policy to achieve?
Ask yourself what it is you want the insurance to do. For example, do you want to have coverage that will:
Pay the outstanding balance owing on a mortgage and other debts?
Offset the loss of your income? For how long?
Contribute to the future education of your children?
A combination of all or part of the above?
Knowing what you would like to accomplish with your life insurance policy will help you determine how much life insurance you need to buy. If you have insurance before then what is the purpose of the new policy? What value will it add to existing policy? Why are you buying the policy?
Who would you like to insure?
Most life insurance companies offer a variety of products to suit your lifestyle and family. You can get a life insurance policy
On your own life, or
You can get one policy for both you and your spouse (called a joint life insurance policy) or
For your child.
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