As a successful young Canadian professional buying life insurance is never at the top of your “To Do” list. You are busy and focused on moving up that corporate ladder; networking; running your social life and growing your assets. However, there are certain common life events for the young professional that should trigger you to consider an insurance review.
The first is marriage.
You now have a partner in your life who you love and cherish and who you want to protect. Ask yourself this question “if something was to happen to me what standard of living would I want my spouse to maintain?” Do you have enough assets -to provide for that?
It doesn’t matter if it is your first child or your 4th – each new child brings incredible joy combined with added financial responsibility. Ask yourself “if something was to happen to me how have I planned financially for my kids future?” Is there enough capital to provide for their education, to provide them with a foundation, to give them that head-start?
These three major life events will be integral in defining who you are as a person and will also provide you with your most cherished memories. At the same time they are also your most prized assets and therefore require you to strategize as to how best to protect them against unforeseen circumstances.
