Amir Modonpour

Amir Modonpour has been an insurance broker in the Greater Toronto Area since 2008. He strives to provide quality solutions for his clients, working with them to assess their insurance goals and offer customized insurance plans for his clients, and prides himself on his excellent products and competitive prices.

  1. Should I buy life insurance?

Whether you’re a recent grad in your 20s, married with a mortgage in your 30s, starting your business in your 40s, or planning your estate in your 50s, you’re likely to have three things in common with people in every age group:

  • There are people in your life whom you love;
  • If anyone relies on you financially, you need life insurance;
  • You can’t predict the future.

That’s where life insurance comes in. While you can’t tell exactly when or how your life will end, you can prepare for the possibility and help protect the people you love in the process. Having the right life insurance can give you the peace of mind that comes with knowing that the people you care about will have financial support after you’re gone.

  1. How much life insurance do I need?

You can’t pinpoint the ideal amount of life insurance you should buy down to the penny. The rule of thumb is 2 to 5 years of your annual income, plus the balance of any debt like a mortgage or a business loan.

  1. What if I become disabled due to illness or injury?

While life insurance pays your loved ones after your death, disability and critical illness insurance helps cover your lost income in a time of injury or illness. If you had a money-printing machine, wouldn’t you protect it? That money-printing machine is YOU.  

  1. How much should I spend?

The rule of thumb here is that 3% to 5% of your annual income should be put aside to protect your family and your salary whether you are self-employed or work for someone else. For example:

$70,000 (household income) x 0.03 (3% annual income) = $2,100 annual cost ($175 monthly)

That may include life insurance, critical illness and/or disability insurance.


In conclusion, if you had lost 3% of your income, would that have a profound effect on you and your family’s standard of living? The answer is most likely NO. But what if you had a reduction of 100% of your income? Would that have an effect on your standard of living? Certainly, the answer is YES.



Shirley Graham



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