Category Archives: Protect your Family
“The greatest gift you can give your family and the world is a healthy you” – Joyce Meyer
Over a century’s worth of research underscores the link between life expectancy, physical health and strong, healthy family connections. The researchers behind a new meta-analysis conclude family support can increase survival by up to 50 percent. Moreover, exercising or losing excess weight turns out to be less important to physical health than interpersonal social networks.
The researchers analyzed results of studies going back to the early 1900s with a total of 308,849 participants. Strong family connections were found to help improve health and extend life expectancy by protecting individuals from stressful situations or establishing a standard of healthy living.
Making a will is one of the tasks that people tend to put off most, and it’s one of the main reasons why every year millions of dollars worth of assets left by loved ones don’t end up in the right hands.
None of us like to talk about death and I can understand why, but failing to make a will can leave those left behind with significant problems and stress at what is already a tough time.
Also, having spent a lifetime working hard to accrue wealth and maybe property, surely you want to have a say in who receives what when you die?
A will can ensure that assets remain within the family and are passed on down the generations.
Planning to meet the needs of children or adults who have special needs is often complex. Special financial planning techniques may be needed so you don’t jeopardize any government benefits they may be receiving. A further complication arises because many who have special needs require advice and protection throughout their lifetime from someone with legal authority to act on their behalf. For most persons with special needs, particularly those who are judged to be mentally challenged, two types of protections are required:
1. protection of the estate left to the individual;
2. protection of his or her person in some form of guardianship.
In practice, provisions for these two types of protection often overlap.
Why should families plan?
Can I buy life insurance on someone else? Or here is the one that really scares people. Can someone else buy life insurance on me and then collect the money if I die? I hear people asking these questions all the time and wanted to address both issues.
Can I buy life insurance for someone else?
The simple answer is, “yes”. You are allowed to pay the premiums and collect the benefits on a life insurance policy that insures a life that is not your own. For example, many people have life insurance on their children. Another example is that companies sometimes buy life insurance on their key employees so that they can recover from the negative financial effect that losing that employee might cause.
Your top priority if you have dependants is to ensure that they are protected financially if you were to die or be unable to work for a prolonged period. Here we concentrate on the role that life insurance can play in your financial plan.
Bear in mind that not only the loss of a breadwinner’s salary could cause financial hardship: if you are caring for children, your spouse or partner might need to pay for professional childcare and/or babysitters if you were to die.
Similarly, you should take into account any extra costs of running the home, maintaining the garden, and so on. A nation-wide government survey found that housework, still done mainly by women today,
According to the Canadian Life and Health Insurance Association, more then 20 million Canadians are protected by life insurance with an average amounts owned were $156,200 for insured individuals and $312,200 for insured households.
That leaves approximately 30% of individuals without important insurance protection as well insured households only having an average amount of $312,200 of life insurance, this could represent many families being under-insured in Canada.
Creating awareness around the need for life insurance is paramount there are many brokers and insurance agencies in Canada available to help with your insurance needs, call a insurance professional whether you are protecting your family your business there is help out there.
Author: Peter C.
The loss of a stay-at-home parent is emotionally devastating for a family. Unfortunately, it can cause serious financial difficulties, as well. That’s why it’s important for stay-at-home spouses to have life insurance protection.
Some families choose to have one parent work outside the home while the other stays home to take care of children. Other families are forced into such a situation by limited childcare availability or other circumstances. In either case, most people would agree that the wage earner in any family should have life insurance protection. After all, how would the family survive without a breadwinner’s income?
What about the Spouse at Home?
If something were to happen to a stay-at-home spouse,