Why You Should Review Your Insurance This September

September is National Insurance Month

Did you know that September is National Insurance Month in Canada? This is a great opportunity for us to sit down and review your insurance policies and make sure they are up to date and continue to meet your needs. Insurance is one of those things that we often take for granted, but it can make a huge difference in our lives when we need it the most.

What is an Insurance Review?

An insurance review is a process of checking your current insurance coverage and comparing it with your current situation and goals. It can help you identify any gaps, overlaps, or changes that need to be made to your insurance plan.

What to Assess for an Insurance Review?

There are many factors to consider when reviewing your insurance, but here are some of the most important ones:

Your life stage and goals. Have you recently married, divorced, had a child, bought a house, started a business, or retired? These are some of the life events that can affect your insurance needs and preferences.
Your assets and liabilities. How much are your assets worth and how much do you owe? This can help you determine how much insurance you need to protect your financial situation and your loved ones.
Your risks and exposures. What are the potential risks and threats that you face in your personal and professional life? This can help you decide what types of insurance you need and how much coverage you want.
Your budget and affordability. How much can you afford to pay for your insurance premiums and deductibles? This can help you balance your financial goals and the best type of insurance to help you achieve those goals.

What Questions to Ask for an Insurance Review?

When reviewing your insurance, it is helpful to ask yourself and your trusted Advisor some questions, such as:

What are the benefits and features of my current insurance policies?
What are the exclusions and limitations of my current insurance policies?
How much am I paying for my current insurance policies and how often?
How much coverage do I have and how much do I need?
Are there any changes or updates that I need to make to my current insurance policies?
Are there any new or additional insurance products that I should consider?
Do I have the right insurance to cover the tax bill for the assets I’m leaving to my children, especially since the 2024 budget proposed changes to the capital gains inclusion rate?
Is my beneficiary designation still in line with my wishes?

Don't Wait, Review Your Insurance Today

September is the perfect time for us to review your insurance and make sure you are prepared for whatever life throws at you. Whether you need to update your existing policies or get new ones, we are here to help you find the best insurance solutions for your needs and budget. Contact us today and let us help you review your insurance.

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The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your circumstances. This article was written by Kerry Adams, for the benefit of Kerry Adams, Mutual Fund Representative with the Adams Financial Group, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this article comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities. Mutual Funds are offered through Investia Financial Services Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.