How Can I Protect My Family’s Future?
If you have a young family, you may feel like you’re always on the go! While it’s essential to take care of your day-to-day tasks, it’s also vital to ensure that you have everything in place to protect your family’s future. Things to consider:
- How insurance can protect my family
- How to invest for my family’s future.
HOW CAN INSURANCE PROTECT MY FAMILY?
It can be a bit depressing to think about, but it’s essential, to have financial protection in place in case you or your spouse die or become disabled. Life insurance can help provide your family with financial protection if one of you dies suddenly or unexpectantly.
Term life insurance is a great option, with low initial premiums, if you only need the insurance for a period of time, for example, while your children are still living with you, or to cover your mortgage.
Permanent life insurance offers protection for as long as you live, and can ensure your final expenses, such as taxes and burial, are covered to protect your estate. A permanent policy may also allow you to borrow against your policy’s cash value for future expenses or to supplement your retirement.
Another important way to protect your family is disability insurance. Depending on your employment, you may have some coverage in the case of a disability. Understanding the terms of your group benefit plan is important and suggest a review of your group benefits is essential. Ensuring a portion of your pay cheque is replaced if you are not able to work due to a disability is critical if you are self-employed.
How can I invest in my family’s future?
Whether you want to save up for your children’s education, a down payment on a house, or your retirement years, the key to success is starting now and taking advantage of registered accounts.
As Canadians, there are three accounts to help us save for our future:
A Registered Retirement Savings Plan (RRSP)
RRSP contributions are tax-deductible, and as with TFSAs, unused contribution room rolls over. You will pay taxes on your withdrawals, typically when you are in a lower tax bracket during your retirement years.
A Tax-Free Savings Account (TFSA)
You can currently contribute up to $6,000 yearly, and any unused contribution room rolls over. You do not have to pay tax on the growth or withdrawals.
A Registered Education Savings Plan (RESP)
An RESP is a great way to save for your child’s education. There are several grants available, and the Canada Education Savings Grant (CESG) offers up to $500 a year on eligible contributions. Your family may be eligible for other grants based on your household income. The province of BC also offers an additional grant; the BC Training and Education Savings Grant, for children born in 2006 or later.
How can I get started?
Book a meeting with us today to get started protecting your family’s future!