A mom’s number one A-job, top priority and modus operandi is to protect her loved ones. That includes having a contingency plan in case something happens—it’s called insurance. Without the right insurance coverage in place, your home, savings and income could all be put at risk.
As your family grows and your financial needs change, it’s important to include insurance as part of your overall financial plan. Not only can it protect the things you’ve worked so hard to accumulate but most importantly, your family’s future.
Having a baby, buying a home, and other big events are all good reasons to review your life and health insurance needs—as well as ensure you have the right home, auto or other insurance coverage in place. But if you’re like some people, you may have overlooked insurance for your family’s most important asset—you.
Life insurance protects your day-to-day needs or future expenses. For instance, would you be able to manage financially if something happened to you or your spouse? Could you pay for your kids’ education or wedding? The right life insurance policy can help fill this gap. Consider disability and critical illness insurance to protect your income should you be unable to work for a period of time due to injury or illness. A will can also complement your life insurance policy by ensuring the remainder of your estate is distributed as you intended.
Creditor and travel medical insurance are also often overlooked and should be included in your family’s financial plan. Creditor insurance can help cover your mortgage payments if you were to become disabled or pass away, allowing your personal insurance benefits to take care of your family’s other financial needs. Travel medical insurance can ensure you and your family are protected in the event of a medical emergency when crossing the border to shop, go on sport tournaments or visit friends and family.
So ensure your family’s future with insurance and you’ll be covered.
For advice about planning for the unexpected and protecting your loved ones, visit rbc.com/couplesandfamilies. Get the information you need and download your own personalized Guide to Everyday Finance.