What Type of Life Insurance the Experts Own: Gail Vaz-Oxlade

Gail Vaz-Oxlade
Financial Columnist, Author, and TV Host

1. What type of life insurance do you own?

I own a whole life policy, which I purchased 24 years ago.

2. What factors did you consider when determining the coverage amount?

What I thought I might need to cover things like my mortgage in the event of my premature death.

3. Do you believe in life insurance for children?

Only in circumstances where parents are trying to ensure future insurability.

4. What is the biggest life insurance mistake people make?

Not buying enough or the right kind of life insurance for their specific needs.

5. Outside of life insurance, what other types of individual insurance are often overlooked?

Disability insurance is probably the most overlooked product. People don't understand what to look for, don't like the expense, and think their work coverage is enough. All of these are stumbling blocks to being insured properly.

Personal finance expert, author, and columnist Gail Vaz-Oxlade is best known as the host of a number of Canadian personal finance reality shows, including 'Til Debt Do Us Part, Princess, and Money Moron. Her column has appeared in The Globe and Mail, Chatelaine, Yahoo! Finance Canada, IE: Money, and MoneySense.ca. She is also the author of a number of financial self-help books sold in bookstores across the country. As of 2014, she has left the reality TV world, tired of constantly having to "ramp up the drama," to focus on her newest project, a social network and online community designed to teach financial literacy called www.mymoneymychoices.com.

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