Manage Financial Risk


The key to sustained wealth is first growing – and then protecting – your nest egg. Remember to maintain a long-term focus with your plan. You can’t expect to anticipate every curve in the road, but you can be prepared to adjust your plan when necessary. Planning your personal finances is not a single event but a journey that may cover ten, twenty and thirty years or longer.

What are the biggest threats to your financial security?

Early death

Nobody’s future plans include dying young, but failing to plan for a worst case scenario leaves your family open to significant risk. Life insurance guarantees ongoing financial support to help surviving family members live comfortably if something happened to you. With the proper amount of coverage, your spouse could maintain the same standard of living while taking the time to grieve and get organized. In considering your needs, we’ll help you review regular household expenses, final expenses such as medical and funeral costs, future family income, and debts such as your mortgage, car payments, loans and credit cards.

Becoming disabled

Your financial future depends on your ability to earn an income. Disability insurance provides a monthly payment to replace your regular income if you’re unable to work. If you have children or other dependents, they rely on your income-earning ability as well. For example, if you support aging parents, consider their financial and healthcare needs if something were to happen to you. Bear in mind:

  • Your group coverage through work or a professional association, while valuable, often has restrictions and coverage limits.
  • Unemployment insurance only covers your income for 15 weeks.
  • Worker’s Compensation only covers accidents that are work-related.
  • Canada Pension Plan benefits vary and depend on future legislation

A private plan provides you with both guaranteed coverage and guaranteed premiums.

Becoming critically ill

Odds are 1 in 4 that you’ll suffer a life-threatening illness during your lifetime. And while it’s likely you’d survive, your retirement plans might not. Critical illness insurance pays you a lump sum benefit if you become seriously ill. The money can be used to fund private or alternative medical treatment, pay down a mortgage or other debts, or even fund a holiday to aid recovery, all without dipping into your retirement fund. How much is enough? Critical Illness Calculator

Needing long-term medical care

There is a real chance that at some point in your life you may need to enter a long term care facility or receive special medical care in your home. This type of care does not come cheap, and depending on the level of care you may want or need, the cost may not be paid by your government health plan.
With the benefit that comes from long term care insurance, you may not have to withdraw from your savings, or fully rely on other sources of funding.

Personal Finance Tips

  • Major life changes require reviewing and tweaking of your financial plan. These might include:
    • Career change, dramatic income adjustments, or pursuing further education
    • Marital status, such as divorce, separation, marriage or re-marriage
    • New children or grandchildren
    • Buying a home

If you’re a business owner, there are other important considerations to be aware of. Please contact us for more information.

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