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Insurance Broker Canada | Evaluate Your Insurance Coverage In Fort Mcmurray
Crucial life events are great time to review your insurance coverage - Review your life and health insurance in Fort McMurray
. If you live in Fort McMurray there is a good chance you are working for the oil and gas industry and are younger (the average age in Fort McMurray is 30 with less than 2,000 residents over the age of 60). This means that most of lifes Crucial events are still ahead of you and you must start planning and analyze your insurance needs.At certain moments in our lives, like marriage, buying a house, having children, getting a new job, our financial situation varies drastically. This is a great time to assess your insurance because important planning issues are first of mind. This article will analyze some of the most common occasions when you should review your insurance to make sure you are properly covered.
Getting Married
This is a major moment in a persons life, when they are no longer single, but have a financial commitment top another person. Usually marriage comes before home ownership, but with a little prediction you can see the mortgage and the children arriving the not too distant future. This is a great time to analyze your life insurance and perhaps even plan for the potential of those future needs.
Home Ownership
It has no difference if its your first house or youre upgrading to a newer, bigger home, you need to ensure that your family is protected against the massive mortgage you might have. With the average cost of a house in Fort McMurray now at about $730,000 (single family home as of Dec 2011) you can probably expect to be taking out a massive mortgage to get into a home. This will probably be your greatest single debt, and it has to be protected. Since the banks mortgage life insurance is an ineffective insurance plan, you should be reviewing your insurance and seeking to get a large amount of term life insurance.
Having Babies
Children are good fortune in our lives, even if they come at an unplanned time. With the birth of each child you can expect to have greater financial responsibility, and there is a need to analyze your life insurance. It is also an excellent time to consider buying life insurance or critical illness insurance for your children to put a plan in place for their future.
Getting Divorced
Unfortunately not all marriages are the romance happily ever after. Divorce is a fact for many people, and the stressed of working in Northern Albertas Oil Sands can be more demanding on young families than most carriers. If you are facing divorce, it really is time to analyze your insurance, as now you are in charge for your own protection. This might be an excellent time to consider personal Critical Illness Insurance to protect yourself against a major heath condition. You can also think of additional income protection with personal disability insurance if youre not properly covered at work.
Changing Jobs/Becoming Self Employed
With a major career change comes the complete revamp or total loss of your insurance benefits plan. Being an employee for a company that offers life, health and disability insurance benefits is very nice. Many people dont have such a premium as an employer sponsored benefits plan. For many people working in Fort McMurray, they are self employed contractors or consultants, lacking benefits. If this is you, when you assess your insurance you will probably need life insurance, disability insurance and even health and dental coverage.
Living in the Empty Nest
Even though many, many people in Fort McMurray are younger there is still a large group that are in the Empty Nest phase when the children are grown up and they are still working. This is an excellent time! Debts are paid down, there is no more financial costs for raising children and you are probably at the top of your career. This is the best time to review your life insurance and think of turning your term life insurance into permanent coverage, like whole life or universal life insurance for estate needs.
Retirement
The retirement years might be long. Longer than anyone ever imagined. People need to plan to live into their 90s now, and ascertain their money will last them longer. There are insurance based investment plans like Payout Annuities and GMWBs that can help guarantee you have income for the rest of your life. Also, to insure you get the best care as you age, also consider long term care insurance to help pay the high costs of home care or facility care.
Life Guard Insurance Can Review Your Insurance
If you have had a life event and need to assess your life insurance, please get in touch with Life Guard Insurance. We have qualified and knowledgeable life insurance brokers in Fort McMurray who can guide you get the life and health insurance you need.
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