If you rent, do you need mortgage life insurance – clearly you do not. However, you still need to have life insurance for renters that will provide sufficient cash to pay your family’s rent for a life time which is the same as people who have their own home fully paid for. Their housing needs are covered.You can calculate the amount of renters life insurance required by going to the life insurance calculator and completing the form. Use the income replacement part to include how much you pay for rent. Choose $5,000 for final expenses (the minimum amount) and then 4% for the return on your investment and 3% for inflation. Next figure out what your annual cost of rent is (12 times your monthly rent and other costs you pay directly like cable) and choose the time up to 40 years. For example, a person who pays an average of $1,250 per month for rent and other costs would use $15,000 as the annual family income required. The amount of insurance required to provide rental accommodation for you family for 40 years would be almost $500,000. You could a shorter time to reduce the amount. You could also add in what the income providers earn as that would also stop which would provide the real requirement for life insurance.The next question is do you provide rental life insurance on both partners life for this possibility. The answer is of course, you will want to have the family accommodations covered regardless of which spouse passes. The principal is the same as mortgage life insurance – providing accommodation for your family for their life.Once you have decided to purchase renters life insurance the best place to purchase it is IDC Insurance Direct Canada. They have been helping Canadians purchase life insurance for almost 10 years on line having pioneered the sale of life insurance online. Their 12 brokers have over 168 combined years of experience and would welcome having a conversation with you about protecting your family with life insurance within your budget. You can reach them at 1-866-238-9271 or at Canada Life Insurance.
Renters Need the Equivalent of Mortgage Life Insurance
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Videos shown above courtesy of Life Happens. IDC Insurance is an affiliate member of Life Happens PRO.
WHY CANADIANS CHOOSE US
Thanks for your help and excellent service with my life insurance. I appreciate all the work you have put in to get the result I was looking for. (more…)Tracadie-Sheila, NB
I have recently purchased life insurance from Monika. My ten year term was coming to an end and my provider was asking for a huge increase (more…)Toronto, ON
Thank you Monika, you have presented me with great options and choices, it was even difficult to choose between them, they were all good! (more…)Stittsville, ON
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It was a pleasure to use Nadine as my life insurance agent. She provided me all the information I needed to make a decision (more…)Winnipeg, MB
Due to my recent health concerns, my approval took a few months to complete. During this entire time, Markus kept me informed (more…)Acton, ON
Having found myself in the position of requiring a replacement broker that would put my interest first and foremost; I was most fortunate (more…)Ajax, ON
IT’S GOOD TO KNOW…
When buying life insurance, the question really isn’t how much you need, but how much capital your family will need at the time of your death, which depends on two variables:
1) How much will be needed at death?
This amount takes into account all final expenses: uncovered bills, funeral and estate-settling costs, outstanding debts, mortgage balance and college costs...
2) How much future income is needed?
This is the number you’ll arrive at after calculating the “present value” of cash-flow streams your family will need after your death.
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