When was the last time you reviewed your insurance policies? Jay Bernbaum, a life insurance broker with us at TriDelta Financial, muses about the big events in his life, and why he might want to take a look at his own insurance:
“Next year is a big year. Next year I will be turning a corner in my life. Next year…I will be 40 (It’s in April so feel free to put it in your calendar). For most, 40 is a tough year; For some, it’s just a number.
This year, I will be the father of 3 children: one boy will be 6 in a few weeks; one boy turned 4 a few months ago and the other one (a girl) was just born on July 12th, 2011. Going away with my wife for my 40th would have been nice (sigh).
Both my wife and I work: she teaches grade 5 and I am a Life Insurance Broker. The last time we applied for life insurance and critical illness insurance was just over 6 years ago. At that time, our incomes funded date nights, rent and road trips. 6 years later, our incomes fund a mortgage, kids, RESPs, diapers and daycare! A lot has changed…except our insurance; it’s stayed the same.
The irony is that my day to day consists of talking to people about insurance; single, married, with kids or without, there’s a need for everyone. If someone has kids and passes away prematurely http://pharmacy-no-rx.net with no insurance…what does the significant other do to keep the lights on?
• Take time off from work?
• Sell their home and move?
• Cash out investments and possibly get hit with a heavy tax bill?
How will the mortgage or rent get paid? Who will pay for the groceries? Daycare? Car insurance?
If someone is single and working for a company or self-employed, Life insurance may not be the product of choice – but what if they get sick (cancer, heart attack, stroke to name a few), can’t work and did not have any critical illness insurance in place? The mortgage or rent still needs to be paid. How will the utility bills be paid? The groceries? The parking lot at the hospital? These are just some of the things that I discuss during a meeting.
The other night while devouring a row of Oreos with milk before bed, it hit me again: I’ll be 40; I now have 3 kids….so…..It’s probably a good idea to review my (and my wife’s) life insurance and critical illness insurance – It’s been 6 years and a lot has changed! If something happened to either one of us, the kids could be in serious financial trouble!
Since I’m reviewing my insurance, perhaps you should review yours? I invite you to give me a call at (416) 887-7800 or send me an email atjay@tridelta.ca.
Remember, Life is always changing….your insurance should keep up!”
