Should you review your life and health insurance coverage?

Should you review your life and health insurance coverage?

 
No one likes the thought of life and health insurance. This is quite normal, because predicting what could happen in the event of death, disability or illness is not a good thing.

On the other hand, you move forward in life and your needs change.

Hence the importance of questioning yourself at certain stages of your existence, in order to review your insurance coverage and check if they are still suitable for you. These crucial steps, like having a child, buying a property or starting a business, inevitably require a financial commitment on your part.

Life and health insurance
helps minimize the financial impact that an accident, illness or death could have on your financial security and that of your loved ones.
can be very useful in tax planning, since it protects the value of taxable property.
It's time to review your insurance if

your coverage has not changed for 5 years.
you have new family and tax responsibilities, such as the birth of a child or the purchase of a property.
taking into account current economic conditions and inflation, the income generated by the death benefit of your life insurance will not be enough for your loved ones to maintain their standard of living after your death.
Do you have group insurance?

The group insurance offered by your employer provides you with good protection at little cost. But what will happen if you quit your job? See how you can maintain some coverage for yourself and your dependents without any evidence of insurability or medical testing.

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And you? Assess your situation

Collective insurance

I have mastered the protections offered by my group insurance plan and I know that some protections could decrease when I retire.
Yes No I do not have a group insurance plan
Life insurance

I have individual life insurance protection.
Yes No I don't know
My children

I have protection for my children in the event of death or serious illness.
Yes No I don't know I don't have a child
Costs at death

I know the costs that my loved ones will have to incur upon my death to pay my taxes, my debts and my funeral expenses.
Yes No
Emergency fund

I have the cash I need if I get sick and have extra expenses for drugs, health care, or whatever.
Yes No I don't know