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You are here: Home > Co-opme > Action plans and tips > Coverage and insurance > Should you reassess your life insurance coverage?

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Should you reassess your life insurance coverage?

Nobody likes to think about life insurance, which is natural since thinking about death, disability or illness isn't fun.

However, you're getting on in life, and your needs are changing.

It's important to take the time to go over your coverage and make sure it's 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

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

  1. your coverage hasn't changed in the last 3 or 5 years
  2. you have new family and fiscal responsibilities, like the birth of a child or the purchase of property, since it came into force
  3. taking the current economic context and inflation into account, the income generated by your life insurance's proceeds no longer suffices for your loved ones to maintain their standard of living after your death

On that note

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.

Meet with a financial security advisor, who can recommend life and health insurance coverage tailored to your needs.

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