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Chris Worby is a Trusted Regina financial advisor and Wealth Management services provider. With over 20 years of experience, Worby Wealth Management has been committed to providing a high standard of, financial and wealth management services to individuals, families and business owners in Regina and area. Worby Wealth Management listens and provides a personalized financial plan. In his latest Worby Wealth Blog Post, Chris Worby shares information on how you decide on your life insurance.

Insurance is about the catastrophe – so we don’t like discussing it. The first thing anyone wants during a challenging time is a plan, not to think or consider options but to have a plan. Determining the appropriate amount of life insurance coverage depends on various factors unique to your personal situation. While there isn’t a one-size-fits-all answer, considering the following aspects can help you estimate your life insurance needs:

  1. Financial obligations: Calculate your financial obligations, including outstanding debts like mortgages, student loans, credit card debt, and other loans. Additionally, consider ongoing expenses such as monthly bills, childcare, education costs, and future financial goals (e.g., funding your children’s education or retirement savings).
  2. Income replacement: Life insurance can help replace your income to support your family in case of your untimely death. Consider how many years of income your family would need to sustain their lifestyle and meet financial goals if you were no longer there to provide for them.
  3. Dependents: Evaluate the number of dependents relying on your income. Consider their financial needs, including childcare, education, medical expenses, and other living costs.
  4. Spouse’s income: If your spouse or partner also generates income, assess their earnings and how it would contribute to covering the family’s financial needs. This may influence the required amount of life insurance.
  5. Existing assets and insurance: Consider your existing savings, investments, and any other life insurance policies you hold. These assets can provide a cushion and reduce the amount of life insurance coverage needed.
  6. Future financial goals: Consider your long-term financial goals, such as retirement savings and estate planning. Factoring these goals into your life insurance needs can ensure your loved ones have the financial means to continue working towards those objectives.
  7. Final expenses: Account for funeral and burial costs, as well as any potential medical expenses or estate settlement, costs that your loved ones might have to bear.

Once you have a comprehensive view of your financial obligations and goals, you can work with a financial advisor or use online calculators to help estimate the appropriate life insurance coverage. These tools consider your specific inputs and provide a recommended coverage amount based on industry standards and best practices.

Keep in mind that your life insurance needs may change over time due to factors such as lifestyle adjustments, career advancements, or changes in family dynamics. It’s advisable to review your life insurance coverage periodically and make adjustments as necessary to ensure it aligns with your evolving circumstances.

Contact Worby Wealth Management Regina so we can review your insurance needs today.

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The comments contained herein are a general discussion of specific issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice in the context of your particular circumstances. This Blog was written, designed and produced by  Chris Worby for the benefit of  Chris Worby, a Financial Advisor at Worby Wealth Management, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this article comes from sources we believe are reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the publication date and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities. Mutual Funds, approved exempt market products and/or exchange-traded funds are offered through Investia Financial Services Inc.