Episode 28: The Basic Rules of Purchasing Insurance – What, Why, When, and How Much.

Published July 28, 2025.

Insurance is an essential part of protecting your future, but how do you know what’s right for you? This Money Monday, we’re covering the basics: what to buy, why it matters, and how to make smart insurance decisions.

Darren Devine, CFP®, CLU®

Financial Planner, Sun Life
President of Devine and Associates Financial Services Inc.

Darren here, when it comes to buying insurance, there are four basic questions to consider:

  1. What type of insurance do you need?
  2. Why do you need it?
  3. When should you get it?
  4. And how much coverage is enough?

Start with the 'what.' Life insurance, health insurance, and disability coverage each serve unique purposes.

Next, think about 'why.' For most people, it’s about protecting loved ones, covering debts, or ensuring financial stability during injury or disability.

Timing is crucial. The earlier you secure insurance, the more affordable it often is, especially while you’re in good health.

And 'how much'? That depends on your personal circumstances—your family’s needs, outstanding liabilities, and future goals. A financial planner can help you calculate the right coverage amount to avoid being underinsured or overpaying.

Insurance is about peace of mind and protecting what matters most. If you’re unsure where to start or want to review your existing coverage, we’re here to help make sure you have the right protection in place.

Thanks for tuning into Money Monday, don’t forget to like and comment for more episodes filled with tips to make your financial journey a breeze. Until next time, I'm Darren Devine, and you can always talk to us today at DevineAndAssociates.ca!