The amount of life insurance you need depends on several factors, including your current income, debts (mortgage, loans), future financial obligations (children’s education), final expenses, and your family’s ongoing living costs. A common rule of thumb is 10-15 times your annual income, but our advisors can help you calculate a more precise figure based on your specific situation, or you can use our online calculator for an initial estimate.

Term life insurance provides coverage for a specific period (typically 10, 20, or 30 years) with lower premiums but no cash value accumulation. It’s ideal for temporary needs like mortgage protection or income replacement during working years. Permanent life insurance (whole life or universal life) provides lifetime coverage with higher premiums but builds cash value that you can access over time. It’s suitable for estate planning, legacy creation, and lifelong protection regardless of health changes.

The best time to purchase life insurance is when you’re young and healthy, as premiums are typically lower. Many financial advisors recommend getting coverage when you experience major life events such as marriage, buying a home, or having children. Starting in your 20s or 30s can lock in lower rates for decades. However, it’s never too late to get coverage, and our brokers can help find appropriate options regardless of your age or health situation.

Employer-provided life insurance is a valuable benefit, but often insufficient for most people’s needs. These group policies typically offer coverage equal to 1-2 times your annual salary, which falls well below the recommended 10-15 times income. Additionally, this coverage usually terminates when you leave your employer. Individual policies provide more comprehensive protection, remain with you regardless of employment changes, and can be customized to your specific situation and budget.

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