1. You buy a home | Buying a primary or secondary residence represents a significant financial commitment. You need to cover the amount of this commitment with a life insurance policy so that your heirs will not be burdened with the debt if you die. |
2. Your family grows | Each new child represents an additional responsibility. If you took out a life insurance policy when your first child was born, it would be wise to review it when the second one comes along. |
3. You become a grandparent | As a grandparent, you may feel responsible for your children’s children. With life insurance, you can leave them money instead of debts if you die, and even help them realize their dreams. |
4. Your relationship status changes | Ending a relationship or entering into a new one can have an impact on your life insurance policy. You might want to change beneficiaries or adjust your coverage according to your new situation. |
5. You get a salary raise | A higher salary means a higher standard of living. Review your life insurance policy to make sure your survivors can continue to enjoy their standard of living after your death. |
6. You lose your job or get a new one | Your employment status affects your family situation. This is why you have to consider reviewing your life insurance if you lose your job or get a new one. |
7. You start a business | Starting a business is exciting – and risky. Business partners should think about ensuring the viability of the company, the stability of the shareholder agreement and the security of their families, in case of death. |
8. You take out a major loan | Do not make your heirs responsible for your debt! Let your life insurance cover any significant loans you contract. |
9. Your spouse becomes critically ill | You have to ensure your family’s financial security in case your spouse becomes critically ill. This could require a significant change to your life insurance policy. |
10. Your child becomes critically ill | A critically ill child may require expensive care for which you will not want to make compromises. Life insurance will enable the continuous payment of these costs, should one parent die. |
11. One of your parents becomes less autonomous | Aging parents can be a significant financial burden. Who will inherit the responsibility of their care if the primary person who has been handling it should die? Life insurance can cover this possibility. |
12. Your children leave home | When your children leave home and become independent, the use and purpose of your life insurance can be affected. Consider other possible options. |
13. You plan a trip | Before travelling, particularly if you will be out of the country for an extended period of time, make sure your life insurance coverage is appropriate. |
14. You lose your spouse | When one spouse dies, the surviving spouse is left with all the financial responsibilities that used to be shared, particularly those relating to children. This would be a good time to review your insurance policy. |
15. You decide to give to charity | If you have a favourite cause or charity, your life insurance policy can help you pursue your philanthropic project after your death. |