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Do you have the right life insurance?

(NC) Here's a pressing question for you: are you staying on top of your financial needs? If you're like most people, you're doing your best to manage your savings and debt. But, how are you on the insurance side? Maybe you think you're sorted because your work benefits include life insurance. But what if it's not enough? Would you know how to supplement your coverage? Good question. We asked Reh Bhanji, an insurance expert from Desjardins Financial Security, for his opinion. "To properly manage your money — whether it's retirement planning, investing, or looking to protect your property and loved ones — it's always a good idea to talk to an expert. And this is especially important during life changes, like a new addition to the family, a new home, a new job, etc."

In this case, how would someone go about choosing the right insurance for their situation? Usually people think about buying life insurance usually when there's a life change, like getting married, buying a home, or having a baby. It's best to talk to an insurance representative to find out whether their life, health and disability insurance coverage is suitable. A properly trained representative will then suggest any required changes to ensure they're well protected. In this case, two very popular life insurances are permanent and universal life insurance.

Permanent life insurance can beadapted to long-term goals, like leaving an inheritance for your dependents. Premiums can be paid as fixed amounts for the entire coverage period, in installments, or in full in a certain number of years. While permanent insurance doesn't provide a savings component, it's a convenient product because it doesn't need to be renewed because it covers you for life and it allows you to add health coverage.

Universal life insurance is very flexible and totally conforms to your needs because you can add or remove features and increase or decrease premiums at any time. The savings component can be accessed anytime, barring any restrictions attached to the investment type, making this an ideal emergency or retirement fund. Because your money is tax sheltered, it will grow more efficiently which gives you an opportunity to retire earlier. This is especially effective if you tend to maximize your annual RRSP contribution. It's also important to note that payout proceeds are tax free also.

For more information about these and other insurance products, visit the insurance product section of the Desjardins Insurance website at www.desjardinslifeinsurance.com.

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