Insurance for Families

Families have dependents.  They may be married or common-law or same sex or single parent families.  Like single people and couples they need to replace their income if they are disabled; they need to be able to take time off work to get better if they have a critical illness; they need to have enough money to retire, and they need to make sure their partner and their dependents are looked after if they die.

Insurance and Investment

If a married person is disabled or has a critical illness then they have a family who may be able to look after them.  But the spouse may have to take on extra work in order to pay bills.  In a single parent family, there is no spouse to take on the extra burden.

Adequate disability and critical illness insurance either at work or bought personally is essential to the well-being of the family.  Each spouse earning an income must have good disability insurance.  Both partners, whether earning an income or not, should have enough critical illness insurance to replace family income for one to two years.

Again there needs to be enough money to retire in comfort.  Investing in an RRSP may be required if the pension(s) will not be adequate.

Adequate life insurance should be bought to allow all debts to be paid off and for the surviving partner to raise the family and save for the children’s education