Family Finances Colorado

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(NC)—With the economic downturn, many families are adjusting their budgets and looking for maximum value. Insurance is an important component of a family's financial plan, as it can provide security in an uncertain time.

“The proper life insurance policy can minimize the financial impact of unfortunate situations by helping to safeguard your savings and preventing debt,” said John Young, President and CEO, RBC Life Insurance Company.

Here are a few insurance tips.

• Consider term insurance – A term life insurance policy can be purchased for a specific period of time - either 10 or 20 years and even longer. Term insurance can be both cost-effective and easy to understand with premium payments that stay the same for the term of the policy.

• Review your needs – Look for a life insurance policy that matches your situation with the amount of income you would like to replace. An online insurance needs calculator can help assess your life insurance needs. You can find one at www.rbcinsurance.com/lifeinsurance.

• Be an early bird – Life insurance can be more affordable when you're younger. Starting early will give you a head start on protecting your family and saving money.

• Get expert advice – Discuss your insurance needs with a knowledgeable insurance advisor from a company you trust.

• Cut costs – Many insurance companies will offer discounts if you bundle your life policy with another insurance product.

- News Canada