[Language]

Not sure if there was a thread already on this, but figured can pick the CP brain trust.

I’m currently the sole bread winner in our household while my wife is stay at home for the foreseeable future with two young kids. Decent income and fairly large mortgage still remaining.

As I’m self employed, I don’t have benefits through an employer and essentially need to find private insurance as I deem necessary. Due to a recent health scare (minor), and now that I have kids, have started to realize potential importance of having insurance so my family and kids are protected in the future.

Up until a few days ago, I literally knew nothing about these insurances, but from my understanding, here’s what I’ve gathered.

1) Life Insurance - should be a minimum, and should cover the mortgage. Seems like it makes sense to go longer term (term 20).

2) Critical Illness vs. Disability - I’ve been reading that disability should come next and critical illness is nice to have, but have also read counter views.

For those that are self employed, which did you choose?

And for those that are not self employed and have disability insurance through work, did anyone also get critical illness or is this overkill?


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