We review the financial responsibilities tied to your income and identify potential gaps if sickness, injury, disability, or death interrupts your ability to earn.
Start with the responsibilities behind your income
Protection planning begins with what would still need to be paid if someone could no longer earn. That can include rent or a mortgage, groceries, childcare, debt payments and support for family members. It also includes work that does not appear on a paycheque, such as caring for children or an older relative. Replacing that work can create a real expense. Listing these responsibilities gives you a better starting point than choosing coverage from a salary multiple or a monthly premium alone.
Match the coverage to the event
Life insurance addresses the financial consequences of a death. Disability insurance addresses a qualifying interruption in the ability to work. Critical illness insurance may provide a lump sum following a diagnosis that meets the policy’s terms. These policies answer different questions, so having one does not necessarily settle the others. Start with the event you want the plan to address, then examine the benefit, the waiting period, the exclusions and the length of time you would need support. The service pages below explain each area in more detail.
Review what you already have
A workplace benefits plan, a personal policy and coverage linked to a loan can each play a role. Gather the actual summaries and contracts before deciding that something is missing or duplicated. Check who is insured, who receives the benefit and what happens if you change employers or repay a loan. A benefit shown in a brochure may have conditions that affect your situation. Keep existing coverage in place while a licensed representative explains any proposed replacement, including approval requirements and the consequences of cancelling a policy.
Keep premiums connected to your wider budget
Insurance premiums compete with other uses of your money, including debt repayment, emergency savings and retirement contributions. An affordable plan needs to account for those commitments as well as future premium changes. Discuss how long the need may last, which costs are fixed and which could change. Ask for the alternatives and the tradeoffs, including the consequences of choosing a smaller benefit or a longer waiting period. A decision is easier to assess when the cost and the protection are considered together, within the household’s actual budget.
Consider Quebec coverage and travel needs
Health, dental and prescription drug coverage need their own review. In Quebec, prescription drug insurance obligations can affect which plan you must join; the linked service page points to RAMQ’s rules. Travel and visitor coverage involve a different set of conditions, including the dates of travel, medical exclusions and eligibility. For parents and grandparents applying for a super visa, check the current federal insurance requirements before buying a policy. A plan intended for one purpose should not be assumed to meet the requirements of another.
Prepare for a protection conversation
Make a short list of the people who rely on you, the major bills that would continue and the coverage you already hold. Note any recent changes in your family, employment or business. You can begin with questions rather than a complete set of documents. Use the contact form to describe the topic you want to discuss, and keep medical details and policy numbers out of the public form. Product recommendations and implementation depend on the appropriate licensed professionals, eligibility and the insurer’s terms.
Published by Achievers Financial · Updated
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