What kind of Insurance do I need???

I came across an interesting article today about the kinds of coverage needed at different stages of life.  As teh Insurance industry is so large and products vary so much, it’s hard to sometimes decide what kind of coverage you should have, and where to begin.
 
Please feel free to call me or contact me with any questions that you might have.  I’m here to help….
 
Keep on top of your changing needs

Your priorities and needs change as you move through different stages in your adult life. Throughout these stages, your advisor can help you choose the right products and services that meet your evolving needs.

Off to work

In the first stage of adult life, you leave high school, college or university and enter the workforce. Your career is just getting underway. You may want to add to any group insurance coverage you have through your employer with personal insurance, such as disability, life and health insurance. Personal insurance is even more important if you’re starting your own business, or working in a contract position that doesn’t offer a benefit package. Retirement is generally the last thing on your mind. However, the sooner you start planning for your financial future, the better it will be. That head start can translate into thousands and thousands of dollars.

Relationships

A partnership, such as marriage, means your financial planning now includes two. You need to develop a financial plan to help make sure you and your partner are provided for today and in the future. You can investigate money management and investment strategies, as well as protection solutions such as long term care and critical illness insurance. You’ll want to review your life insurance needs, for you and your partner. If you’re buying a home, think about the advantages of purchasing life insurance, rather than mortgage insurance. Since you’re just starting on your journey through life together, it’s important that you head in the right financial direction from the start.

Raising a family

If and when children enter the picture, your financial priorities change again. It’s more important than ever to maintain a strong financial plan through these formative years to help keep your financial future bright. You’ll need to ensure your life insurance plan continues to meet the needs of you and your family, and that your beneficiary information is up-to-date. If you haven’t yet investigated long term care and critical illness insurance, you should do so now. Products can be adjusted to help ensure the success of your plan while at the same time allowing you to save adequate funds for your children’s education, perhaps through RESPs.

Empty nesters

At this stage, your children have left home and gone out on their own. Your career is beginning to peak and retirement is just around the corner. Your discretionary income has grown now that the expenses of raising your children have all but disappeared. You’ll have the capital to pursue financial investments that can further enhance your retirement plans. You may have questions about your and your partner’s RRSPs, or if you should make adjustments to the investments in your portfolio. You can protect your retirement funds with long term care insurance.

Retirement

Finally, it’s time to turn your retirement plans into reality. You’ll move into new financial products that will provide you with a comfortable living, in a tax effective manner. You’ll look at income options such as annuities, Registered Retirement Income Funds (RRIFs), and the Flexible Income Plan (FIP). It’s important that you develop and maintain a specific financial plan so you can enjoy your new life of leisure. It’s also time to get your estate in order to ensure that after all of your hard work your wishes will be carried out as you planned.

© Sun Life Assurance Company of Canada, 2007.

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