Understand and reevaluate

Each life phase involves different insurance needs and requires different coverage. Insurance should never entail a “buy and forget about it” strategy. Life circumstances change and so do your insurance needs. The best approach for any insurance plan is to revisit it at certain time intervals and adjust it to ensure it covers your current and medium-term circumstances.

Your ideal financial journey may be very different in reality as you face any number of issues and challenges.

 Your ideal financial journey is a smooth ride through career, relationship, income accumulation, and retirement

The reality of your financial journey may be a very different roller coaster, with unpredictable changes in career, health, and financial events

Financial security

Depending on your life stage, different types of insurance are better suited to help protect your income or protect your assets.

Income protection - term life insurance, permanent life insurance, long-term disability insurance

Early adulthood

Consider income protection for your dependent family through term life insurance, permanent life insurance and long-term disability.

Ongoing protection - critical illness insurance

Throughout adulthood

Don’t underestimate the cost of an unexpected illness at any stage of your life. Critical illness insurance serves to protect both your income and assets.

Asset protection - permanent life insurance, long-term care insurance

Middle to late adulthood

If you no longer have dependent children, you could shift to permanent life insurance for asset protection and long-term care insurance.

Why insurance?

Consider some major life risks and your family's ability to cope with life-changing events. 

Residential fire incidents in Canada 2014: 12,071

Source: Statistics Canada

Motor vehicle traffic collisions 2017

Fatalities: 1,841

Serious injuries: 9,960

Injuries: 154,886

Source: Government of Canada

Mortality per 1,000 population 2017

Age at time of death, 50 to 59 years: 3

Source: Statistics Canada

1 in 6 Canadians will experience a disability for 3 months or more before the age of 50.

Source: MoneySense; “Hit by an Iceberg: Coping with Disability in Mid-Career,” By Janet Freedman

2 in 5 Canadians are expected to develop cancer within their lifetime. Cancer is the fourth-most costly disease in Canada.

Source: Canadian Cancer Society