4 Financial Plans you need to do today to be more in control
The 2020-21 pandemic had changed life the way we knew it for most countries around the world. Majority of us, even the young and the healthy, are seriously thinking about our mortality for the first time. It is deeply disturbing to ponder how this virus had cut so many lives in the span of just a few months.
The good news is that there are concrete actions you can take today to protect your loved ones and have some peace of mind by taking control of your finances. Here are a few worth doing.
- Prepare your will
Very few Canadians have a will, which is a legal document that spells out your wishes about where your assets are and who takes care of minor children in the event of your death. If you die without a will, the laws of your individual state will decide where your money and belongings go and who takes care of your children. As if that wasn’t bad enough, dying without a will generally slows down your estate resolution process and may be subject to additional taxes.
Take the right step today by being proactive in preparing your will. Many people turn to a lawyer to write a will, especially if they have large or complicated properties. These days, many attorneys can help you via email, phone, and teleconference, so don’t let social distancing stop you from obtaining a will.
- Prepare an advanced directive
Advanced directive is another legal document that you will want during the COVID-19 lockdown. It explains what kind of medical care you want in case you cannot speak for yourself.
Advanced directives documents commonly include the living will and durable power of attorney. Living will is used to proclaim your wishes for medical care in case you are terminally ill and not able to express what you want or are permanently unconscious. On the other hand, a durable power of attorney is used to name a person you trust making medical care decisions on your behalf
- Shop for life insurance
If someone is dependent on your income or your unpaid work, it is absolutely essential to have at least some form of life insurance.
From funeral costs to mortgage to living expenses, life insurance steps in to smooth things out financially even in your absence.
Life insurance is also very affordable. A healthy 35-year-old can get a $500,000 coverage for only $22/month. Know your options by talking to our experienced life insurance advisors.
Note: Some form of life insurance in Brampton, Hamilton, Mississauga or Toronto is better than not having any at all. And the younger you are, the more affordable it is. So as far as discussing your life insurance options in concerned, take the step today – the entire process hardly takes a few minutes.
- Consider having a disability insurance plan
Injuries and ailments unexpectedly reduce many people’s careers and lifetime earnings each year. With regards to the current crisis, the ones hospitalized for COVID-19 often have long roads to recover, as well as life-long complications. Whether the health issue has short-term or permanent consequences, it’s hard to keep up with bills when your pay stops.
This is where disability insurance steps in. It can help to protect your income until you are back on your feet and back to work. Similar to a standard life insurance policy, disability insurance is available for every budget and needs. Get in touch with our life insurance advisors to know more about disability insurance options.
So, that is it. By doing these four much-needed things during the holidays, you can feel more in control of your finances. Good luck!