We open today’s box and find a small coffin. That’s a morbid symbol for Advent, but if we look at it on the Financial Side, we can ask, do you have enough Life Insurance? December (and Advent) is a good time to review how much life insurance you have and whether you have enough. You can consult with an insurance agent, but remember that 99% of them are going to try to sell you some kind of Whole Life insurance or some bizarre investment creatures, so keep that in mind.
I am not espousing whole life insurance or any variant therein, I am simply suggesting you review your Life Insurance coverage and decide whether there is enough insurance on you (and your spouse). Term insurance should be fine.
Don’t buy Mortgage Insurance either! If you want insurance to cover that debt, simply buy more Term Insurance (it is usually cheaper).
Personal Finance Advent Calendar
The complete Personal Finance Advent Calendar box postings.
- Day 1: Empty Box
- Day 2: TFSA
- Day 3: A Safety Deposit Box
- Day 4: What’s in your Safety Deposit Box?
- Day 5: Your Will in a box
- Day 6: A Credit Card Bill
- Day 7: A Pointing Finger (Points)
- Day 8: A Lamb
- Day 9: Your Child’s Diploma
- Day 10: A Cane
- Day 11: A Home Inventory List
- Day 12: A Bank Passbook
- Day 13: A Pair of Tiny Shoes (budgeting)
- Day 14: A Stock Certificate for ACME Buggy Whips
- Day 15: A Kettle (Charity)
- Day 16: A Coffin
- Day 17: A Scroll of Household Fix Ups
- Day 18: A Wii Fit
- Day 19: A Library Card
- Day 20: A House Plan
- Day 21: A Feather
- Day 22: DVD of the Shawshank Redemption
- Day 23: A Tuning Fork
- Day 24: A Happy Face
- Day 25: A Box of Chocolate Loonies