4 Insurance Policies Everyone Should Have

4 Insurance Policies Everyone Should Have

Protecting your most important assets key to a solid financial plan.

While Canadians may think they are protected, there is a gap between what many people have and what they might actually need to cover a serious issue

Disability Insurance

The thought of long term disability is so frightening to some people they simply choose not to talk about it. Form my experience, the line of thinking “nothing will happen to me” is quite common, especially with men. Choose a product that will provide enough coverage en enable you to maintain your current lifestyle even if you cannot continue working.

13.7% of Canadians live with a disability.
22% Canadians are financially prepared for a prolonged injury

Critical Illness Insurance

Another thought that no one likes to think about. But what would happen if you had a heart attack, stroke or were diagnosed with cancer? How would you maintain your income to protect you and your family and pay for additional health care expenses?

Facts: Canadian Cancer Society
1 in every 2.5 people will have some form of cancer0%
1 in 9 women will develop breast cancer0%
1 in 11 men will develop lung cancer0%
Facts: Heart and Stroke Foundation
1 in 4 Canadians will contract some form of heart disease0%

Critical Illness Insurance is intended to fill the gap between life and Disability Insurance and pays a lump sum tax-free when you are diagnosed with a serious, life-altering illness.

Most Canadians lack an understanding of their own insurance needs, which might explain the low figures.

Only 26% said that they have carefully reviewed their insurance needs within the past year.

Life Insurance

Life Insurance protects against the financial hardship of your dependents. Think about how much you earn in a year and how many years you need your income replaced until your family can reorganize to reduce the financial burden on your family.

Purchased life insurance to cover their remaining mortgage
Canadians have personal life insurance

Homeowners/Renters Insurance

Whether renting (contents insurance) or owning a home (homeowners insurance) this is a must. Water damage, fire, burglary are all elements out of your control and insurance is quite inexpensive in Canada. While this is not common, it is absolutely devastating if it does happen.

Ensure you are covered for the replacement value of everything you own. Imagine going to the store today and buying everything you own, not what you paid collecting items over the years.

For homeowners, structure, flooding sewage backup and other options should be reviewed closely.

Canadians have renters insurance

Talk to your financial advisor, that’s me!

Let’s talk about the best places to put your money for both investment and protection.

I will show you options based on your personal situation, so that you can have peace of mind!

How can I help you?

Contact me today to discuss how we can make this the best experience of your life.

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Note: This is provided for informational purposes only and we cannot be held responsible for any decision made by reading this post. For specific advice about your personal situation, click here to connect with me.