Life Insurance
How do you think about the “right” amount of life, CI and DI insurance?
I’ve spoken with a few insurance advisors/brokers and found that I’m often the one pushing on the numbers and trade-offs vs. their guidance/advice. I’m trying to understand how people actually think about this rather than just follow rules of thumb.
For those who’ve figured this out themselves or are expert in this area, I’m interested in you approached this and what you ultimately decided
CI: How much is actually enough/useful in Canada? Given we have public healthcare (vs. private).
DI: If you already have employer LTD, how much additional individual coverage makes sense? And which features (own occupation, waiting period, benefit period, etc.) actually matter? Would it make sense to give up optional workplace benefits as they are tied with employment?
Insurance vs. investing: At what point would you rather invest the additional premium than buy more coverages?