Protecting Your Family
No matter how big or small your family is, you may have obligations to them. You want to be sure that your spouse is taken care of if anything happens to you - and you want to know that if you have children, they will have the finances to help them achieve their goals.
That's why life and health insurance is an important part of your overall financial plan.
We make some suggestions here, but because every situation is different, we encourage you to contact us to discuss your own unique needs.
Your family is growing
Life and health insurance can help ensure that your family is able to maintain their lifestyle, no matter what happens. Even if only one of you is working and has an income, you both have responsibilities. In fact, if a non-working spouse suffered a critical illness or passed away, your family may face significant additional expenses. For example, you may need money for child care, home cleaning and maintenance and more.
However, there are many different kinds of insurance available. Your Insurance Representative can help you understand how they work and which of them best suit your needs.
Here are some ideas you may want to discuss.
Protecting your family
Your first priority is to protect your family. You and your spouse may both find that because premiums for term life insurance are lower than for other forms of life insurance, it is more affordable right now. Your coverage will automatically renew when the policy expires, but the premiums will increase at that time. However, you can usually convert most term life insurance policies to permanent life insurance later.
Alternatively, you may prefer to plan for the long term and start with permanent life insurance now. Your premiums are guaranteed to remain the same for your lifetime, which could make this a more cost-effective choice in the long run.
While you're considering life insurance, you should know that we offer limited complimentary personal accidental death insurance, available by phone or online, just to thank you for being a customer of the RBC Financial Group. You can purchase more than the complimentary coverage - and if you do, your spouse and children will become eligible for additional benefits that could help pay for child care, tuition for the children and job training for your spouse.
Also, if you have a RBC loan, mortgage or credit card, you may want to consider loan, mortgage and credit protection. They can pay your debts if you become disabled or pass away.
Protecting your lifestyle
Now think about how your family would manage if you couldn't work because of an accident or illness. You would likely still need money to pay for everyday expenses and, perhaps, invest a bit for the future. This is where critical illness insurance and disability income insurance can help.
If you are diagnosed with one of the serious illnesses listed in your critical illness insurance policy, your insurance will provide you with a lump sum payment at the end of your waiting period, which you can use for managing costs.
In fact, you may want to consider a critical illness insurance policy for a non-working spouse too. A serious illness can affect anyone - and the expenses can be significant.
If you are disabled by either an illness or an accident, disability income insurance will pay a monthly benefit that could help you maintain your lifestyle. You can add Retirement Protector to ensure that you can continue contributing to your retirement savings, even if you are unable to work.
Finally, you may also want to consider a hospital cash plan that will pay you up to $100 a day if you are hospitalized.
Of course, the type and amount of life and health insurance you need will depend on your own unique circumstances. One of our Insurance Representatives will be happy to help you make the right choices.
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