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Financial Planning and Your Family – What Have You Put Off?

Financial Planning and Your Family – What Have You Put Off?
Planning for the future is a cornerstone of responsible financial management. However, despite their best intentions, many Canadians neglect some crucial aspects of financial planning. From regularly reviewing insurance policies to updating wills, it is essential to address these often-overlooked tasks proactively. At EasyInsure, we believe in the importance of highlighting these commonly ignored financial planning areas. In this article, we explore four vital aspects that Canadians often neglect and offer advice on how to address them.

1. Shopping for lower insurance premiums

While purchasing an insurance policy is often a necessary aspect of securing your financial future, reassessing your coverage regularly is equally important. Many Canadians overlook opportunities to lower their insurance premiums by not comparing quotes or renegotiating their existing policy. Factors like marital status, location, and changes to your driving habits can influence insurance rates. Looking around and discussing your insurance needs with your broker could lead to substantial savings.

2. Acquiring life insurance

Life insurance may not be the most comfortable topic, but its significance cannot be understated. Many Canadians neglect to purchase life insurance, leaving their loved ones vulnerable in the event of an unforeseen tragedy. Life insurance provides financial protection for your family's well-being and helps to cover debts, funeral costs, or other financial obligations. Assessing your life insurance needs regularly is crucial, considering factors such as family size, outstanding debts, and lifestyle changes.

3. Updating your will

Creating a will is an essential task, often overlooked by Canadians. A will ensures the smooth distribution of your assets and property, according to your wishes, to ease the burden on your loved ones after you are gone. Unfortunately, circumstances can change, rendering outdated wills ineffective. Life events such as marriage, divorce, birth, or death in the family may necessitate updating your will. Schedule periodic reviews and consultations with a professional to ensure your will remains up to date and aligns with your current circumstances.

4. Preparing for emergencies

Many neglect emergency planning in uncertain and financially challenging times, especially regarding their financial well-being. Establishing an emergency fund is vital to ensure a financial safety net during unforeseen circumstances such as job loss, sudden medical expenses, or home repairs. Start by setting aside a portion of your monthly income into a dedicated savings account. Aim for a fund covering three to six months of essential expenses, providing peace of mind in stressful times.

5. Cyber insurance

In this digital age, protecting our households goes beyond securing the physical space we call home. With an increasing number of Canadians relying on technology for everything from banking to communication, we urgently need to protect ourselves against cyber threats that could severely impact our lives. At EasyInsure, we understand the importance of comprehensive coverage beyond the traditional realms of insurance. Our personal cyber insurance policy is designed to safeguard your household against cyber risks, providing peace of mind in an ever-evolving digital landscape.

While focusing on present-day financial obligations is natural, overlooking planning for the future can have significant repercussions. By addressing commonly neglected areas of financial planning, Canadians can secure their financial well-being and that of their loved ones. Remember, seeking advice from a trusted financial advisor or insurance brokerage can help navigate these important tasks successfully. Safeguard your future by taking proactive steps today. Please reach out to us if we can help you: 1-800-649-2640