What if you:
- Get a raise at work? Do you have enough life insurance to replace your new income?
- Get married or have a new baby? Do you have enough insurance to help your spouse pay the bills if something happens to you?
- Start your own business? Do you have insurance in case something happens to one of the key people in your company?
Use this checklist to see if you need to review your insurance today. If life changes, you may need to:
- Change or add beneficiaries for your life insurance and other plans
- Buy extra insurance
- Change from term life insurance to permanent life insurance
- Buy disability insurance or long-term care insurance
- Find ways to defer taxes while you save money
- Find ways to cover the costs your loved ones may have to pay after your death.
Remember: You need to review your life insurance whenever life changes
Don't buy a policy and then put it away and forget about it. Your need for insurance will change as your family changes, and as your income and savings grow.
Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.