Your hard work is paying off. You have a home, a family, a career, investments and more. Of course, as things get bigger and better, they also get more complex. You may be saving for retirement, while helping your aging parents and paying for your children’s education. There’s a lot of responsibility, but with the right planning, you can make sure everyone is covered.
Protecting your family
Your life insurance plan or plans may have been designed to cover responsibilities that are changing. Your debts are likely to be diminishing, and some of them may even be fully paid off. Your children are maturing and becoming financially responsible. You may no longer need as much insurance to protect your family, so you may want to consider re-focusing it to leave them an inheritance, or to ensure that they can pay any capital gains tax that may become due on your estate.
You may have other needs too. For example, you may be interested to learn that universal life insurance can help you defer taxes on the investment gains within a policy. It includes permanent life insurance, so your family is protected too.
You may now also need to protect several people – a spouse, children, elderly parents and yourself – with health insurance. For example, you could consider:
- Disability income insurance to protect your lifestyle if you cannot work because of an illness or accident.
- Critical illness insurance to help you meet additional expenses or pay off debts if you are a survivor of one of the serious illnesses it covers.
- Long term care insurance to help you pay for additional expenses if you need long term care at home or in a long term care facility.
Protecting your property and automobile
Your property insurance will normally replace belongings that get lost, stolen, damaged or destroyed. However, do you have enough coverage for your current needs? You’ve likely acquired more possessions as you’ve become more established. This may be a good time to reconsider your property insurance and add to it if necessary.
If your children are taking driving lessons or are already licensed, be sure to add them to your auto insurance policy. This way, they can start to build their own claims-free driving history, which could help them save substantially when they obtain their own policy.
Protecting your travels
If you have to cancel a trip because of illness or an accident, the fares you’ve already paid may not be refundable. If you’re traveling already and there’s an emergency, you’ll want to get home as quickly as possible. That’s where trip cancellation and interruption insurance is designed to help.
Also, travel medical insurance pays for emergency care and incidental costs related to getting prompt treatment when you travel outside your home province.