Canada Insurance Broker | Insurance Review To Secure Your Future
Completing an insurance review or buying life insurance or health insurance isnt something Canadians are typically thinking about
. Although buying the right kind of life insurance can be as essential as financial decision as buying a home, an insurance review is an tough subject. Lets face it; its inconvenient pondering about your own mortality and talking about death, disability, illness, injury, and other personal risk topics.At some times in life, performing an insurance review and financial planning are initial steps, especially when your financial picture has had a substantial change. This article will identify frequent life events that cause a need for an insurance review and give reasons that you need to be making financial planning a top priority.
7 Key Life Phases for Completing an Insurance Review
Marriage: often the first major financial change in a Canadians life, when you quit being single and become a couple a combined financial unit. The couple will now have financial obligations to each other, not just themselves. They should be looking into buying life insurance to protect one another.
Having your first home or upgrading your home: home ownership adds a huge financial obligation, to pay down a mortgage. You again need to do an insurance review firstly for life insurance. Another very valuable insurance plan would be critical illness insurance set-up to cover the costs of two to three years of mortgage payments if you ever got diagnosed with cancer, stroke, heart attack, or any number of other life altering critical illnesses and injuries.
The birth of a child: it doesnt matter whether its your first child or your fourth, you need to complete an insurance review of your life insurance needs. Each new child brings added financial responsibility. Getting more life insurance to make sure your family is protected is very essential.
Divorce: If you become single again your financial picture will significantly change. You might be wholly responsible for your own financial future or you could be a single parent. Be sure you have a life insurance policy on your ex-spouse to protect any child or spousal support payments being made. You may also consider critical illness insurance and/or long-term care insurance. Both of these insurance policies will give you tax free income if you have a major health concerns or need ongoing personal care. Make sure that your financial well being is considered when you are on your own again.
Career change or becoming self employed: Usually when becoming self employed or changing jobs, there is a remarkable change to your income, work arrangements, insurance benefits, etc. An insurance review must be done to review your new group benefits package or analyze your total insurance needs if you no longer have group insurance. Self employed Canadians typically have no insurance coverage and will need to get personal life insurance, disability coverage and probably a health and dental plan. Changing jobs will mean you have either better, worse or no benefits compared to your previous job. Reviewing your new group insurance plan with a qualified insurance broker will help you realize your new coverage and plug any risk holes.
Becoming an empty nester: When children are grown up and become financially independent you get to a stage of moderate financial freedom and an chance for serious savings. It is also a perfect time for an insurance review of your risk portfolio, switching from pure risk protection to legacy and estate planning. in your 50's and early 60's is a great time to convert term life insurance into permanent life insurance for lifetime protection and estate value.
Approaching retirement: If you are close to retirement or are entering a partial retirement phase of life many financial plans need to be put in place to secure income for life and plan for your estate. Making sure your different sources of retirement income will cater to your income needs is crucial. Also, a care plan needs to be established, outlining who will provide elder care in your later years, and how you are going to pay for it. A long-term care insurance policy will provide tax free income for your care needs later in life and protect your retirement savings from being expended.
An Insurance Review at all stages of life
The above 7 most frequent life stages are points at which Canadians should complete an insurance review of their risk portfolio. At Life Guard Insurance we will gladly have a local life insurance broker take you through a financial needs-based evaluation to know your personal insurance needs, and make recommendations on the best way to patch any holes in your financial plans.
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