Speak to an advisor about finding the best insurance plan for you. There are many to choose from, as well as a variety of health insurance plans – plus critical illness, disability and long-term care insurances. Your advisor can explain each type to you and what they cover.
Assess work insurance coverage
Evaluate your group benefits at work to see whether you need any supplemental coverage. For instance, some employers don’t offer disability coverage, which provides financial protection when an accident or illness causes you to be disabled and unable to work.
Make a rainy day fund
Put aside three months of savings in case of job loss or sudden illness. Good places to put this cash are TFSAs, money market funds or even Canada Savings Bonds. If you don’t have enough to create an emergency fund right away, consider setting up an automatic withdrawal program.
Minimize debt and expenses
By paying off high-interest debt sooner than later, you’ll be in a better position to handle any financial challenges associated with unexpected life events. To help you get there, examine monthly bills and figure out if there’s anything that can be trimmed or cut out altogether.