Life Insurance Coverage In Ontario Should Be Reviewed Annually As Life Insurance Needs Can Change

Like all aspects of your finances, insurance needs can change

. Families mature, and new life insurance products come available that offer different incentives. It is always a good idea to review your life insurance coverage from time to time to ensure it offers the best possible protection.

Your evolving insurance needs depend on your current and changing life situation and your financial goals. Insurance changes should be based on an exploration of the key aspects of your life and adjusting your life insurance coverage in Ontario to better reflect your current insurance needs.

Here are three to consider:

1. Life events - Some of the key developments that can call for insurance changes include marriage, divorce, birth of children, change in income or a sudden change to your wealth. For example, perhaps your insurance needs change because your family is larger and you want to leave more for your heirs. Alternatively, perhaps you would be better suited to consider insurance products that offer a tax benefit as one example because you've built up your wealth, paid off the mortgage and your kids have finished their post-secondary education. A review might even reveal how we can save money on life insurance coverage. For example, if your health picture has changed for the better - perhaps you've lost a great deal of weight or your high cholesterol has dropped - we might be able to take advantage of the breaks on premiums some insurers offer under those circumstances and make the necessary insurance changes.

2.Beneficiaries - One thing we should always review is your beneficiaries. These are common insurance changes since they're the ones who receive the proceeds of your policy, it's important that we always make sure they're who you want them be and that you're taking care of them in the best way possible. You want to make beneficiary changes as you go through life to accommodate new children or grandchildren. When naming a person as your beneficiary, instead of your estate, the proceeds will be passed on directly to your named beneficiary. This will be private, not public record, and they will bypass probate fees. Your insurance needs depend on your current and changing situation and your financial goals.

3.Your financial situation - We should explore your life insurance coverage in Ontario in relation to your overall financial picture. Remember insurance is just one part of a long term financial strategy, which means the coverage that's right for you depends on other aspects of your financial life. If your life insurance coverage policy includes an investment component, we can explore how it fits in with your overall plan. We'll examine its investment performance and consider the best ways to use the cash value.

Discuss your life insurance coverage with your Ontario Insurance Advisor at least once a year. Then you'll have peace of mind that comes from knowing that you're well covered.

by: Gary Mandel

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