Do your part and life insurance will do theirs. Remember to designate a trusted beneficiary(ies) for the proceeds of your life insurance policy or trustee for minors. Remember to specify when, how and how long the funds should be used.
What is Insurance Planning?
Throughout history, it is not predictable to know what the future would bring and this uncertainty creates a sense of vulnerability. We needed to find a way to help us cope with such uncertainty in not only our lives, but in that of others. This need for protection against the possibility of catastrophic losses gave rise to this valued tool called insurance for life and health.
Life insurance is not only important but is necessary because it provides peace of mind for when life happens, whether death or disability. It is liquid cash that no one else may be able to give you regardless of how much they care about you.
A TFSA tool is “greatest thing since slice bread.” If you are a Canadian resident above the age 18 (after 2009), you have the privilege to contribute funds to this account whereby the growth in the plan is never taxed. The cumulative eligible contribution since the onset of this plan is $63,500 as of 2019 and if you were 18 or older in 2009 then you are eligible to contribute the maximum each year. All growth and any losses made within a TFSA belongs to the account holder.
The unexpected can happen while traveling, whether it be for business or pleasure. For pennies a day, you will have the peace of mind to receive the proper care until you can fly or drive back to your place of residence. No one plan to get sick while travelling but life happens and travel insurance protection becomes a reality.