If you've been following the global news you would have likely seen headlines of falling stock prices and decreasing economic output. We are no longer asking ourselves would there be a recession but are now wondering how do we prepare for it.

One of the primary concerns facing several of us is how do I ensure that my loved ones are taken care of? And how do I do that in times of less financial certainty? This article would focus on one of the things we can do to be prepared - buying term life insurance.

First question - are you healthy today? If yes, it's time to make that call to have an evaluation to see if your current coverage is sufficient. Remember, there's no guarantee that your health would continue to be good in the future. As a mother, a daughter and an income earner in the home I understand the financial insecurities facing families in these times of uncertainty.

Now onto the question you readers are surely asking - why am I recommending term life insurance? The main reason is simple logic - higher coverage for a much smaller premium as term life is pure life insurance with no savings. This is geared towards filling the gap in your insurance portfolio without taking a heavy hit on your expenses. It's a very good option to address a requirement that will disappear over time. Many of us are unable to take on high additional expenses which is why term insurance may be a more viable option than whole life insurance AT THIS TIME.

This affordable insurance can ensure that bills are paid, loans are repaid, kids can get an education and so much more should something happen to you. If your kids are near adulthood you may not even need a term insurance for a very long term but a 10 year term might suffice but if your kids are young or if you have parents that are also dependent on you then you may want to consider a much longer tenure.

Another wonderful benefit of term insurance is that it can be converted to whole life insurance at a later date when finances have become more secure. With Fortitude Financial Services Ltd as your agent, this term insurance can be converted to either TTD or USD whole life insurance. Those who have whole life insurances would understand the benefit of having such - in times like this it is easy to get a policy loan on the cash value and in later years it can form part of your retirement nest egg. With the US whole life plan you can have a US nest egg in retirement AND still maintain the US life insurance as a legacy for your heirs.

Some other aspects of your financial portfolio to review at this time would include your emergency fund, cutting overhead costs, ways to supplement income, paying off high interest debt and to also keep investing because this pandemic will be over and you would still have loved ones to take care of and a future to plan for.

If you'd like to have a chat to review if your current coverage is sufficient to protect your loved ones or if you just want to have a chat on improving your insurance portfolio at this time feel free to message or call me at 713-9403.