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Budgeting for life insurance
A sound financial plan takes the goals you have for your life and creates a financial roadmap to maximize your likelihood of reaching those goals. Of course, a financial plan is not a guarantee. A solid financial plan is one that includes details about the following key areas:

Your net worth
Your assets (things your own) minus your liabilities (things you owe). This is a key number that drives the strategies you will implement in your financial plan

Your cash flow
This is basically your budget - what comes in and goes out every month. It's a great tool to tell you what you should be spending on and what you shouldn't or cannot afford to spend.

Investments
These are technically part of your assets (things you own), but they are also used as a way to reach your financial goals.

Insurance
This is the key section that helps you plan for risk. In the case of life insurance, that's the risk of your life ending sooner than expected. If that risk happens, how will everyone else in your life manage?

Tax
A good financial plan will include steps to help you benefit from the different tax planning strategies that are available to us in Canada. After all, it's not what you earn, it's what you take home that counts!

So, how does life insurance fit into the sections above? Well, your net worth calculation is a key part of determining how much life insurance you need. Your budget allows you to determine how to fit your life insurance payments into your monthly cash flow. If you don't need insurance right now, you can put that premium money to use by investing it. Finally, insurance pays a death benefit tax-free to your beneficiaries, which will become a big part of the financial plan of your beneficiaries!

Insurance is expensive, won't it hurt my financial plan? Not if you plan for it correctly!
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PolicyMe makes it easy to get a quote, apply, and find out if you've been approved for life insurance in minutes, not weeks. Our fully-underwritten term life policies are stripped of unnecessary bells and whistles, resulting in the most competitive pricing in Canada.

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