Using the DIME method, you can easily know if you are overly or underly insured.
D- for Debts & Funeral Expense
I- Income (your yearly income multiplied by the number of years your youngest child would need your income for)
M- Mortgage (mortgage balance)
E- Educational and Child care expenses per child multiplied by the number of years they are needed
Whatever number you get, deduct from it your current insurance coverage.
That’s how you know if you are properly covered.
Protecting your loved ones by protecting your income demonstrates how you love and care for them.
Especially for self-employed, without proper coverage would be too expensive.
Critical Illness insurance covers for health expense not covered by your provincial health benefits.
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