When you’re putting together a comprehensive financial plan, it’s important to be aware of all the risks that you might face in your life. Risk Management is simply insurance and the goal is to transfer this risk of potential loss to someone else such an insurance company. Insurance is a great way to protect yourself against loss and financial hardship.
One of the most important part of a good financial plan is risk management. Always keep in mind the importance that insurance plays in your life. Make sure you have sufficient coverage. At a minimum, it’s important to cover the four common risks that many Canadians face.
Disability Insurance
Disability insurance is designed to provide you with a monthly income benefit if you become disabled and can’t work due to accident or sickness. Disability insurance should be an integral part of every financial plan considering that 1 in 3 Canadians will be disabled for more than 90 days. Many individuals tend to overlook disability insurance as they believe, “it won’t happen to me”.
Critical Illness
Critical illness insurance is a form of health insurance that provides a lump sum amount against illnesses such as heart attack, stroke and cancer. Heart disease,stroke and cancer are one of the most common health issues that individuals might face. According to Cancer Society, 1 out of every 2 Canadians will be diagnosed with cancer during their lifetime. Medical advancements have improved overall life expectancy and health but you never know when the worst could happen. It’s important to be covered!
Life Insurance
Life insurance can be a sensitive topic but it is a effective risk management tool that allows you to transfer risk to a third party. It should be an important part of your financial strategy as it can help you cover final expenses, build a legacy, protect your family, leave an inheritance and much more!
Property & Casualty
Property and casualty insurance is a broad term to describe various insurance policies that help you cover personal property and offer liability coverage protection. Popular coverage includes automobile insurance, & homeowners insurance.
