Family Insurance
Family Insurance Planning:
Smarter strategies for their future.
Protect Your Loved Ones.
Family insurance planning is about smarter, comprehensive strategies
to make sure that your family has financial protection in place.
Whether you are expecting your first, or planning for anything else,
there are options for everyone.
What Do I Need to Know About Family Insurance Planning?
Short(er) Term Needs
Planning for unforeseen events until your dependents are financially independent.
Income preservation, mortgage and debt protection
Longer Term Planning
Longer term strategies in the event of illness, injury or death.
This can encompass life, critical illness and disability insurance.
Estate preservation, transferring wealth to younger generations and providing financial support to your loved ones.
Education Planning
Planning to education investments and maximing available government grants.
This can includes RESPs, education investments and accumulating cash value in permanent insurance policies.
What Are Some Of The Reasons Families Purchase Life Insurance?
The top reasons that Canadians buy life insurance are:
1 |
Providing income and financial support for their dependents. |
2 |
Pay-off the mortgage and any outstanding debts. |
3 |
Give a financial boost to their beneficiaries. |
4 |
Cover final expenses such as funeral costs. |
5 |
Get lower rates while they are youg and healthy. |
6 |
Ensure tax liabilities at death are covered. |
What about the health of our kids?
Considering how to plan for the unexpected illnesses is tough, but it’s even more uncomfortable when we thing about our children and grandchildren. Fortunately, insurance is available for our littlest people and it’s relatively inexpensive.
Critical illness insurance policies for kids is becoming increasingly popular. It’s the type of insurance that pays out a lump sum in the event of certain diagnoses.
Like critical illness insurance for adults, it covers a broad list of conditions (25+), including cancer.
What’s different with critical illness for kids compared to adult policies? Additional conditions are covered*:
- Type 1 Diabetes
- Cerebral Palsy
- Muscular Dystrophy
- Autism
- Cystic Fibrosis
- Congenital Heart Disease
It’s important to note that not all carriers include all of these conditions – only 2 insurance carriers in Canada cover Autism Spectrum Disorder.
What generations can be part of family insurance planning?
Short answer: all generations.
Long answer: Everyone in your family, regardless of age, can be considered as part of family insurance planning. At the forefront is adults that earn income to support their families or are involved as caretakers. Basic term insurance is relatively inexpensive and is the most common first step for many.
However, consider the goals of insurance – it can be more than just income protection. Type of permanent insurance can be leveraged as a way to pass wealth from one generation to the next. For younger family members, insurance can serve many important purposes, such as accumulating cash values in policies and guaranteeing future insurabilty.