Robb Engen | Financial Advisor and Blogger, Boomer & Echo

Robb Engen
Financial Advisor and Blogger, Boomer & Echo

1. What type of life insurance do you own?
I have group life insurance coverage through my employer. The basic coverage is set at 2.5 times my salary, plus an option to purchase up to an additional $500,000. My total coverage is just over $700,000.

2. What factors did you consider when determining the coverage amount?
I wanted to make sure that the coverage was large enough to pay off our mortgage and still have enough left over to provide income while our children are living at home.

3. Do you believe in life insurance for children?
While there are valid reasons to take out life insurance policies for children, I chose not to buy insurance for my kids. As heart-breaking as it would be to lose a child, to me, it makes more sense to insure your income-producing assets and not your dependents.

4. What is the biggest life insurance mistake people make?
Not reviewing your insurance coverage (if you have any) once you get married and start a family. That’s the time to make sure those who depend on you and your income will be protected in case you die suddenly.

5. Outside of life insurance, what other types of individual insurance are often overlooked?
Since you’re more likely to get sick or injured than to die during your working years, it makes sense to look at disability insurance and make sure you have enough coverage to provide 60% to 70% of your current income in case something happens to you.

Robb “Echo” Engren is one half of the financial advice blog Boomer and Echo with his mother Marie, a former financial advisor. The blog preaches “financial freedom at any age” with Marie speaking to those looking at retirement and Robb guiding young families. Robb also writes a biweekly column in The Toronto Star where he tackles budgeting, banking, credit cards and debt management. He is also a fee-only financial advisor (just like his mother) and is accepting new clients right now.

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