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3 key insurance factors for blended families
3 key insurance factors for blended families

​The 2011 Canadian census revealed nearly half a million blended or “step” families (made up of married or common-law couples with children from previous unions) in Canada.1 If you’re among them, remember to review your protection needs.

By keeping your insurance up-to-date, you can help ensure that you, your new partner, your children and your step-children all have adequate protection. Here are three areas to consider.

1) Your existing coverage. If your former spouse is listed as the primary beneficiary of your existing life policies, you may want change the designation to your new partner or your children. Remember to update not only policies you hold personally but also any life coverage you may have through an employer’s group benefits program.

2) Protection for minor children. Depending on your situation, you may be supporting more (or fewer) children. The amount of your coverage may need to be adjusted to ensure you can provide them with the support they need until they reach adulthood.

3) Permanent insurance. A universal life insurance policy can provide protection for you and your partner that lasts your entire life. In addition, it includes an investment component, where you can save and invest on a tax-deferred basis. The cash value of the policy can be a valuable source of income in retirement or to help see you through a job loss.

Call me today to make an appointment. We can review your existing coverage and recommend solutions that will provide the level of protection you need for your loved ones.

1  Statistics Canada, 2011 Census

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