Investing In Your Tomorrow, Today.
Young Family
As a new family that depends on one another for security, comfort, support, and financial protection – it is time to review your life and living benefits.
First and foremost, it is important to confirm that you are insured for the right amount of life insurance. An updated Insurance Needs Analysis can be completed, factoring in the financial support you offer to your family through salaried earnings.
If there was something to happen to you tomorrow, you need to confirm that your partner/spouse and children have enough life insurance to continue with their standard of living. One way of completing this is through providing enough insurance to cover your lost salary for several years. You need to make arrangements that the children’s RESP is funded, your spouse has an emergency fund, there is enough money to cover the outstanding financial obligations and sufficient money to allow your family a period to recover. This can all be completed cost effectively by purchasing life insurance.
Additionally, at this time it would be prudent to review your disability insurance and confirm that you are still covered for an appropriate amount.
This is also a great time to consider critical illness insurance. Critical illness for you can supplement your disability insurance and offer a tax-free lump sum of money that can help your family continue much needed routines in a time of uncertainty and sickness.
If you have a child/children, this is a perfect time to consider child critical illness insurance. This type of insurance offers a 3-pronged approach to protect your children and family. Insurance can be placed in force for the protection in the event of a diagnosis of a critical illness for your child. If this occurs, the policy will pay you a defined benefit, tax free to help with having to care for a sick child. You and your family can use this money any way you felt best suits your needs. These plans also protect future insurability as an adult, and options can be added to a child’s critical illness policy to allow the return of 75% of paid premiums at age 25.
A well funded RESP for your children is another important consideration as your family grows.
The groundwork for your investing was already laid as a young professional. As a young family, investments can be planned considering insurance fees, type of pension plan at your employer and the ability to fund both the insurance and investments. This time in your life can hectic, expensive and time consuming. We therefore aim to manage all your family’s needs from insurance and investments under a cost effective and budget conscious plan.
