Reassessing Your Changing Needs
As your family grows, your priorities change. Perhaps the mortgage is paid off. The children may be about to go to university - or they may already be there. You've planned for their education and saved to help them achieve their dreams. Now, you're concentrating a little more on your own future, perhaps maximizing your retirement savings. Or, like many other families in Canada, you may be caring for an aging parent.
We make some suggestions here for the types of insurance you may want to consider. However, please feel free to contact us to discuss your own unique needs.
Choosing the life insurance that's right for you
Even though you may no longer need to support your family as much as in the past, you may still want to consider a mix of life and health insurance to protect them.
These are some of the ideas you may want to discuss with your Insurance Representative.
To ensure that your family can maintain their lifestyle no matter what happens, you and your spouse may both want to consider permanent life insurance that will cover you for the rest of your lives. You may also be looking for a way to defer taxes on your investment gains. Ask your Insurance Representative how universal life insurance may meet your needs.
You can also use permanent life insurance as part of your overall estate plan. It can help pay for final arrangements, the capital gains taxes on an asset like a cottage, or to make a bequest to a charity.
Preserving your assets
You've spent years building assets, saving and investing for your retirement and planning for the future. Yet even the best plans can be derailed by something unexpected. For example, if you, your spouse or an aging parent need long term care - either at home or in a long term care facility - you could find yourself dipping into your capital to pay for expenses that aren't covered by your provincial health plan.
Long term care insurance can help. If the person covered by the plan requires ongoing care -in a health care facility or at home - the insurance will either reimburse your expenses or pay a daily benefit.
Your precise insurance needs will depend on your own unique situation.
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