Is Your Family Protected?

Is your family protected?

Seventy-seven per cent of Canadian adults realize that an illness or accident keeping them out of work for more than three months will uproot their families.

(NC)-If anything happened to you or someone in your family, like a job loss or illness, would you be able to cover your daily expenses and major commitments like car and mortgage payments? Some suggestions to consider:

1. Update your coverage when circumstances change

Since your situation will inevitably change over time (marriage, children, promotion, new home, career change), review your net worth every few years. Anticipate what your survivors will face if you become ill or die.

2. Determine if life insurance makes sense for you

How much coverage do you need, and what type of life insurance is best? Discuss this with a qualified financial planner. Ask yourself: Would my family be able to make mortgage payments without my income?

3. Make sure you understand your employer's group insurance benefits

Depending on the policy a company buys, some employer group insurance plans provides only limited critical illness and long-term care coverage or none at all. An analysis of how your group insurance benefits meet your individual needs, along with provincial coverage, is crucial to ensuring that your family is protected.

4. If self-employed, are you covered for personal disaster?

Remember your greatest asset is your income earning ability.

Any tragedy (death, disability, critical illness) that impacts this asset can severely curtail your family's ability to maintain their lifestyle. And, when buying disability insurance, check for the definition of disability to ensure adequate coverage. Choose plans that are renewable, non-cancellable and indexed against inflation.

For more options, visit www.desjardinsfinancial security.com

- News Canada

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