Jack was the president of a small paint and wall paper business. It was a successful business catering to an elite clientele. Unfortunately the warehouse caught fire and much of the stock and the office were destroyed. Thankfully, the company was insured, but as they waited for the insurance claim to be paid and the building to be re-built the clients, not wanting to wait, took their business elsewhere. The business did not survive and closed.

Because of the business closure Jack lost his group life, health and dental insurance and did not have any personal life or disability income protection.

Unemployed and looking for work Jack’s health took a turn for the worse and one day was found disoriented and wandering his neighbourhood. The doctors soon diagnosed Jack with an inoperable brain tumour. After several months, the once very successful business owner and entrepreneur died at age 59 without any life insurance to protect his wife and family.

This sad story is not a fabrication.

Your need may exceed your coverage: A group life insurance plan looks attractive but is not a complete solution. The life insurance protection in a group plan is either a flat amount, i.e. $25,000 or a multiple of the employee’s salary. The need for protection is usually greater. Only a needs analysis will determine how much protection is required. A needs analysis takes into account income replacement, debt elimination, final expenses and the education needs of surviving children.

You may lose your job or are between jobs: If you lose your job you will lose your group life insurance protection and the options are limited.

Your company policy changes: Your Company may suddenly decide to change or modify some of the conditions in your life insurance protection resulting in less protection for your family.

Personal protection: When you purchase your own life insurance protection you have the peace of mind in knowing that your family is properly protected and that this protection cannot be modified or taken from you so long as you continue to pay the premiums.

Protect your family from financial loss and plan for the unexpected.