Need help evaluating your evolving life insurance factors? Numerous changing personal circumstances can alter your financial objectives, making your existing coverage no longer suitable. Reexamining your options whenever major life events transpire or at least every couple of years is wise. Review the key considerations in this two-part series to see which ones apply to you. After determining your latest needs, contact an Alliance Financial Group advisor about life insurance in Ontario to make any necessary adjustments.
Coupling up involves sharing more than your lives. Your union encompasses both member’s financial obligations, and your new mate may rely on your earnings partially or totally. Either person could outlive the other. So both potential survivors need access to enough money to cover the other’s final expenses and debts like car loans and credit card balances. Start by designating each other as beneficiaries of any existing corporate and/or individual life insurance plans. Either spouse without coverage should consider getting it. If one or both of you have kids, also prioritize leaving enough to fund their futures.