Blog – Page 11 – FB Financial & Associates

How Much Life Insurance Do I Need?

Firth Bateman Nov 28, 2009 life insurance vancouver

This question requires careful consideration. First, ask yourself:
“If I died tomorrow, how much money would my family, or business partner, need?”

Insurance reduces risk and provides security for you and for your family’s future. To know how much insurance you need, you’ll need to consider your lifestyle and the possible risks that could affect it. When calculating how much life insurance you need, consider the following:

Estate Expenses
Funeral Expenses
Mortgage
Loans and Debts
Replacing Annual Income (number of years?)
Children’s Education
Resources available at death: Savings, Stocks, Mutual Funds, Retirement Funds, Life Insurance, and Other Assets

When you think of insurance, the first that comes to mind is auto and home insurance. Replacement of these assets in the event of damage can be very costly. Most people hold auto and home insurance policies.

Life insurance is essential to many families, affording extra security if the unthinkable should happen. The loss of a breadwinner is devastating enough, without having the added stress of worrying about how to cover the bills and mortgage.

Other types of insurance are equally important. Life events such as illness, accidental injury, loss of employment income, or a death in the family can affect family security. Yet these potential risks to your lifestyle can be reduced by the right insurance planning.

Changes in lifestyle also determine the types and amount of insurance you need. The amount of life insurance – and the characteristics of life insurance contracts – that you have will likely change throughout your life, depending on your life circumstances. Some of these changes might be getting married, starting a family, changing jobs or preparing for unexpected events.

Should you have Term, Universal Life or Whole Life Insurance? More information on the three types of insurance . . .

To meet modern trends, life insurance contracts can also act as investment vehicles, building up a sum of extra equity over the lifetime of the policy. This can be withdrawn or borrowed against, and usually offers a tax-free sum on retirement or death.

Deciding on an amount of life insurance you should have requires careful consideration. A Financial Advisor can help you determine just how much insurance you need, based on your age, your income, family circumstances and obligations, assets owned, and debts owed.

Question or concern about how much you insurance you need?

Call Firth Bateman: (604) 591-1336
Life Insurance Services
Delta, BC

HOW CAN A FINANCIAL ADVISOR HELP?

Firth Bateman Nov 28, 2009 financial advisor vancouver

A Financial Advisor can help you:

assess your current financial situation.
create a realistic plan to meet your financial goals.
understand how to meet your financial and retirement goals.
put your financial plan into action and monitor your progress.
update your financial plan to grow with your changing needs and goals.

If you have any of these questions or concerns, you will benefit from a consultation with a Financial Advisor:

Confusion about conflicting financial advice and options.
Paying too much income tax.
Not saving enough for retirement.
Not sure where to invest money.
Changes in life that affect your financial future, such as a career change, marriage, retirement, loss of a spouse, birth of a child, etc.
Not enough time to attend to personal financial affairs.

Financial Advisors are licensed professionals with a broad background in life and in finance. They can guide you through some important life decisions. They can help you manage the risk involved in making decisions that can paralyze some of us, such as:

What kind of retirement plan do I need?
Am I paying too much in taxes?
How can I save money for retirement – tax free?
How much life insurance do I need?
How can I make sure my estate is left to family members, and is not depleted by probate court and government taxes?
Can we afford college tuition for our children – and how do we save for this, knowing how much tuition costs are spiraling?

Would you benefit from having professional advice when it comes to planning your financial future? A Financial Advisor is a partner that can help you understand your options and help you build and protect your assets.

A Financial Advisor can help you evaluate different life insurance plans and help you determine which policy or product is best going to serve your own unique needs and budget.

To assess your financial position and learn about some of the ways in which we can assist you, call us to schedule an appointment. Evening hours are available, and we can meet in your home or in our office.

Questions or concerns about how a financial advisor can help?

Call Firth Bateman: (604) 591-1336
Financial & Insurance Services in Delta, BC

Retirement & Estate Planning

Firth Bateman Nov 28, 2009 Retirement Planning

Have you ever wondered whether you will be able to retire?

Do you know how long your retirement savings will last?

With the average life span increasing, many of us may look forward to 30 years of retirement or more.

“Amid growing uncertainty about their future financial security, an increasing number of people do not know when they will retire. Others have simply delayed their retirement.”

• Are you prepared for retirement?
• Will your savings and retirement income be enough?
• What forms of income will you have?
• Do you know what your income needs will be at retirement?

It’s never too early to start planning for retirement.

A Financial Advisor can show you some of long term investment strategies and vehicles to help you meet your retirement savings goals, minimize your estate tax liability, and provide security for your spouse/family.

You should have an estate plan if:
1) you are the parent of minor children.
2) you have property (real estate) or a business.
3) you are concerned about health care treatment should you become disabled or terminally ill.

Estate planning includes more than just a simple will. Estate planning also typically minimizes potential taxes, and sets up a contingency plan to assure your preferences regarding health care treatment are followed.

Good estate planning identifies what will happen with your home, business, investments, life insurance, retirement plans, and other property when you become disabled or die.

A Financial Advisor will help you answer these questions:

Am I saving enough for my retirement?
How will inflation affect my retirement income?
I’m retired now, how long will my savings last?
How much retirement income will my RRSP provide?
What are the best retirement investment funds for me?
How much can I contribute to an RRSP?
What will my RRSP be worth at retirement?
What happens if I withdraw funds early from my RRSP?
I’m self-employed, how much can I contribute to a retirement plan?
How long will it take to double my money?
How do I compare any taxable vs non-taxable savings?
How should I allocate my assets?
How can I protect my assets from probate and estate taxes?
What is my potential estate tax liability?

Question or concern about Retirement & Estate Planning?

Call Firth Bateman: (604) 591-1336
Financial Services in Delta, BC