Keep your coverage current at every stage

Your insurance needs will vary throughout your lifetime, changing based on your financial and personal situation, lifestyle goals, and vision for the future. If it’s been over three years since you last reviewed your policies, now is a great time to meet with one of our insurance specialists for a complimentary review.

Below are some key factors to consider when determining the type and amount of insurance coverage you need. Answering "yes" to any of these questions indicates it's time to review your current coverage for any gaps or overlaps.

Have you conducted a review of your insurance policy?

Have you conducted a review with a professional advisor since you purchased your current life insurance policy?

Has your marital status changed?

Your insurance coverage should help to support your spouse and cover any mortgage or outstanding debts after death. Marriage or divorce may also have an impact on the premiums you pay.

Do you have more or less children, or grandchildren to support?

The number and ages of your dependents who need financial support should you die or become incapacitated often determines the amount of coverage you should consider.

Has your employment situation changed?

If you are self-employed or have recently changed jobs, the coverage you are offered through work may no longer meet your needs and preferences.

Are you planning to leave a legacy?

A tax-free insurance payout is an effective strategy for leaving a large donation to charity as part of your estate plan.

Do you own a business or professional corporation?

Insurance can assist with succession planning to ensure the continuation of a business after the death of an owner or key employee. It can also be used to preserve family harmony by equalizing an owner’s estate without having to divide or sell the business

Would you like to pass your vacation home to the next generation?

A tax-free lump sum insurance payout is a cost-effective way to cover any capital gains or final income taxes incurred by your estate and maximize your heirs’ inheritances.

Would you like to supplement your income stream in retirement?

Permanent life insurance policies can add to your wealth and the cash value can be used to provide additional income in retirement.

A valuable wealth planning tool

Insurance is an integral part of a comprehensive wealth plan that provides several benefits, including:

• Financial protection for your family in the case of illness or disability affecting your income, or in the event of your untimely death.
• The opportunity to accumulate tax-sheltered wealth beyond your registered accounts, diversifying your overall investment strategy.
• Facilitating intergenerational wealth transfer by providing liquidity and covering taxes that may be owed by your estate.
• A tax-efficient way to donate to a registered charity.

We offer full-service support for your life insurance, critical illness, disability, annuity, group or speciality insurance needs. An insurance audit will assess your current policies to determine if your existing coverage is competitively priced, meets your objectives and is positioned for longer-term performance. As the industry is always evolving, you may also be presented with new products or strategies that align more closely with your needs and objectives.

Our Total Wealth Solutions approach helps you define and reach your financial goals at every stage of life.

This publication is for informational purposes only and does not constitute an offer to sell insurance products. It is based on information RJFP believes to be reliable, but its accuracy and completeness cannot be guaranteed. Insurance products are offered through Raymond James Financial Planning Ltd. When providing life insurance products in all provinces except Quebec, Investment Advisors are acting as Insurance Representatives of Raymond James Financial Planning Ltd. In Quebec, Investment Advisors are acting as Financial Security Advisors of Raymond James Financial Planning Ltd. Raymond James Financial Planning Ltd. is licensed as a financial services firm in the province of Quebec. Raymond James advisors are not tax advisors and we recommend that clients seek independent advice from a professional advisor on tax-related matters.