Life Insurance

Life insurance is not about your needs, it's about the needs of your family, friends and loved ones. There are many good reasons to buy life insurance. Three of the most important are to:

  1. Provide immediate cash for your survivors to cover expenses involved in administering your estate, such as funeral costs, estate administration and debt repayment
  2. Help dependants maintain a standard of living by providing funds to replace the lost income
  3. Provide a larger estate for your spouse/partner, children or other dependants, including savings for retirement

This section of the ProsperiGuide website will give you a good overview of life insurance, including how to:

  • Calculate how much insurance you need
  • Identify the best type of insurance for your needs
  • Discriminate between policies and sponsors of insurance


Before you get started, here are some helpful tips to keep in mind as you think about life insurance:

  1. Monitor and adjust your insurance coverage every three to five years to suit your changing circumstances.
  2. Review your insurance policies when your economic and personal circumstances change, such as when you get married, divorced, have children, change jobs, and so on.
  3. Never cancel or replace existing insurance until the new company has accepted and approved your application and the new insurance is in place.
  4. When it comes to insurance, don't put off today what you may not be able to deal with tomorrow.