When should you reassess your life and health insurance?

Are you put off by life insurance? Indeed, having to think about the consequences of death, disability or illness is not particularly pleasant!

But life changes, as do your needs.

It is important to take the time to go over your coverage and make sure it is still appropriate. Life stages, like the birth of a child, the purchase of property or starting a new business, require a financial commitment on your part. Life and health insurance:

• Minimizes the potential financial repercussions of an accident, illness or death on your financial security and that of your loved ones
• Could be a very useful financial planning tool since it protects the value of taxable assets

Need a review?

It's worth reviewing your individual life and health insurance if:

• Your coverage hasn't changed in the last three or five years.
• You have new family and fiscal responsibilities, like the birth a child or the purchase of property, since it came into force.
• Taking the current economic context and inflation into account, the income generated by your life insurance's proceeds no longer suffices to maintain your standard of living after your death.

The group insurance offered by your employer gives you good affordable coverage. However, what if you leave your job? If your health prevents you from taking out other insurance, you may convert your group insurance according to the policy provisions and required rates.

Don't hesitate to meet with a financial security advisor¹ who can recommend life and health insurance coverage tailored to your needs

	At the caisse	Contact a Financial Security advisor at a caisse.

1. Ontario Life and Health Insurance Agent.