Barry Choi
Budget Travel and Personal Finance Expert at Moneywehave.com
1. What type of life insurance do you own?
Just my employer insurance, which covers death, disability (short and long-term) and travel. I currently have no mortgage and no dependents, so it’s not a big deal, but I do have the option to buy top-up insurance through my employer benefits when I do need it.
2. What factors did you consider when determining the coverage amount?
When I do decide to purchase additional insurance, I’ll make sure I’m covered for the usual: funeral costs, mortgage, and education costs if I have kids.
3. Do you believe in life insurance for children?
I don’t really see any need for children to have insurance. They don’t exactly have any dependents.
4. What is the biggest life insurance mistake people make?
Not having enough of it, or thinking we’re invincible. Insurance isn’t just in case of death. If we ever become disabled, it could wreck our earning potential.
5. Outside of life insurance, what other types of individual insurance are often overlooked?
Travel insurance tends to get ignored, which is a huge mistake. At the bare minimum, you need to have travel medical coverage. Healthcare abroad is very expensive, and our Canadian health insurance plans do not cover us. Travel insurance is pretty cheap, and if you can’t afford it, then you probably can’t afford to travel.
Barry Choi is a personal finance expert, media personality, and blogger at moneywehave.com. A completely self-taught, do-it-yourself investor with no formal training, Barry has been featured in The Globe and Mail and The Financial Post.
During the day, he’s a Director for CityNews, Toronto, where he specializes in personal finance, travel and news. You can follow Barry on Twitter @barrychoi.
