Starting a family is one of the most wonderful experiences you will ever have. It can also cause you to face some of the most challenging financial pressures you’ll encounter in life. You are likely in the earlier stages of your career and far from your peak earning potential. New expenses associated with raising young children can be a burden and you may need to find a new living space to provide them a home. Meanwhile, you cannot neglect the need to save for the future. What will your retirement nest egg look like? What about college or university for the kids? How can you look after these important obligations all at once?
It is important to look at it as a long-term building process not something that comes overnight. Financial security is a combination of insurance protection, savings and investments that you accumulate and grow over time. You need to start small to cover all that is important. Over time, as you income rises and your career improves, so will your financial security.
Some of you may already be sending your kids to college/university or still have kids at home in addition to the challenges of working. You’ve already achieved some success and stability in your career path and have been working for some time. You no longer have as much time to recover from unexpected setbacks. This is the time you will consider safeguarding what you have.
The years you have ahead of you will likely be the highest income earning stage of your life. For many families, this is also the time you are putting your kids through college/university while also being the time you would be saving aggressively for retirement.
To plan for your financial wellbeing, one of the first things you will have to do is to understand what the potential risks are to reach your objectives. You need to ask yourself; what would happen if my spouse or I became sick, injured, or was no longer living? What would happen to the kids? Would they be able to continue with any post-secondary higher learning initiatives? Would my or spouse’s lifestyle have to change? What would my retirement look like? Would I have to sell my home? These events can have a major impact on your financial wellbeing. That’s what having the right type of insurance coverage will help you deal with.
Life insurance is a tool that provides you and your family with the ability to have a tax-free benefit to deal with the unforeseen expenses when you have passed on. It will provide you with a tax-free benefit to cover your funeral expenses, children’s education, mortgage debt, personal debt, and to plan your estate. It can also provide income to your spouse to replace loss wages so desperately needed to maintain your family’s lifestyle.
Obtaining Life insurance coverage can seem to be a daunting task, but it doesn’t have to be so. At Keybase Insurance Agency our dedicated advisors will work with you and your family to provide you with a needs-based analysis of your current situation in order to provide the best possible solutions to you and your family. Speak to a dedicated Keybase Insurance professional today.
Keybase Insurance Agency Ltd.
Richmond Hill, Ontario