Are your finances and assets secure? Read this short article to determine your risk level and to learn the best ways to safeguard your future.
Start Financial Planning Early
Are you on track to achieve financial freedom once you retire? If your answer is no, it’s time to start looking at setting up your financial plan before it’s too late. The average pension and old age security benefits likely won’t cover all your expenses, so it’s wise to have some other money saved for your retirement. A TFSA, RRSP, and Employer-Sponsored Pension are just some of the tools you can use to save more for your retirement. We recommend talking to a financial advisor who can help you determine what investment vehicles are best for you and your lifestyle.
Set Up an Estate Plan
If you have yet to create an estate plan for your family, there’s no better time to start then now. Without one, your wishes may not get carried out as you intended, and the government may get to decide where your money and assets end up. A well planned and thought out estate plan can give your family the proper support and stability once you pass away.
Add a Home Insurance Policy
Your home is your biggest investment, which is why you need to protect it. That way if your home is damaged or someone is injured on the property, you won’t have to pay for the damage out of your own pocket. The insurance will help you to cope with the financial consequences and protect your biggest asset.
Purchase Life Insurance
Life insurance is not only used to provide money to your family when you pass away, but it’s also another option to put additional funds away for your retirement. Many people use their policy to fuel their retirement. By withdrawing cash as a tax-free loan, it can give you an extra boost of income. Just remember that the death benefit for your beneficiaries would be reduced, but this shouldn’t be an issue if you’ve done the appropriate estate planning.
Arrange Business Insurance
If you own a small business, you should also prepare in case you or one of your key employees becomes sick or are unable to perform their duties. Most small businesses are not prepared for the financial risks that can happen unexpectedly. That’s why it’s crucial to safeguard the financial future of your business and your estate with a business insurance policy.
Planning for your future is extremely important. That’s why our team at Rowat Insurance offers policies that are designed to safeguard your future. Whether you need to protect your family, home, business, or retirement, we have the coverage you need to put you on the right path.