Financial security at death. Why life insurance? Let s talk about how life insurance protects you

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1 Financial security at death Why life insurance? Let s talk about how life insurance protects you

2 Who needs life insurance? People with responsibility for others n Take care of the immediate challenges they ll face if you die unexpectedly. n Provide for them through the years. People with no family ties People with estates to protect People who want to leave a legacy Business owners n Debt protection n Liquidity n Business succession Do you?

3 Your changing need for life insurance Life insurance needed Mortgage cancellation, income replacement, education fund Estate planning, increasing with value of estate Final expenses, debts, leaving a legacy, increasing with inflation Age Life insurance meets different needs at different stages of your life. You should update your coverage to reflect important events in your life: n A new child or grandchild n Marriage or divorce n Death of a parent or spouse n Children leaving home n Purchase of a home or cottage n New job or business The amount of life insurance you need changes over time. Use the following simple worksheet to estimate your needs today.

4 Simple worksheet to estimate your life insurance needs today You don t need exact numbers right now. Make your best estimate. Your financial security advisor can help you get more detailed numbers later. Take care of the immediate challenges Burial and other final expenses $ Mortgage balance $ Other debt cancellation $ Estate taxes $ Education expenses $ Legacies and special bequests $ Subtotal $ Provide for your family through the years a. Your current annual income $ b. Percentage of income to replace % c. Number of years to replace this income years Subtotal (a x b x c) $ Rough estimate of your life insurance needs $ Where will the money come from? 1. Talk to your financial security advisor to calculate your life insurance needs more precisely This takes into account your individual age, gender, health, lifestyle, children, savings, existing life insurance, tax rate, province of residence, income sources and other factors specific to your situation. 2. Let s develop a life insurance solution to deliver this personalized protection This gives you the foundation for the rest of your financial security plan.

5 What if... What would your family do if you died yesterday? Think about the immediate financial challenges they d face today. n How would they cover final expenses? n Pay off debts? n Pay the taxes that would be outstanding? Now think about what they d need in the years to come. n How would they maintain a comfortable standard of living without your income? n Protect your estate from creditors, probate and taxation? n Transfer your wealth smoothly and efficiently to your heirs? Life insurance can address each of these needs, as part of your overall financial security plan. The advantages of life insurance n Instant estate Life insurance can help you create an estate at the very time your family needs the money most. Even if you die the very first day the policy s in effect, life insurance pays the full death benefit. n Money in hand, quickly Your beneficiaries can get the life insurance money within days of the insurance company receiving the required information. n Financial benefits during your lifetime Some people think life insurance pays only if you die. That s not always true. With permanent life insurance, you can build up a tax-advantaged cash value. You can draw on your cash value for personal and business opportunities, retirement income, long-term care, home care and other needs.

6 The information provided is accurate to the best of our knowledge as of September 2010, but laws and interpretations may change. This information is for information purposes only and shouldn t be construed as legal or tax advice. Every effort has been made to ensure its accuracy, but errors and omissions are possible. All comments related to taxation are general in nature, apply to Canadian residents, and are based on current Canadian tax legislation, which is subject to change. For the implications as they relate to individual circumstances, consult the appropriate legal, accounting or tax advisor. Freedom 55 Financial and design are trademarks of London Life Insurance Company /10

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