Start your family on the path to financial wellness – Toronto Star
Organized households have more money and less stress.
They rely on simple systems to ensure their banking is as automated and efficient as possible, their investments are on track and that their family is properly protected.
As you’re gathered with your family for the holiday season know that you can get your family’s financial house in order, too, with these starter steps.
Get the right kinds and levels of insurance
When families think of insurance they often stop at home and auto and this is dangerous. Don’t delay getting insurance for your life, critical illness and disability because these are even larger risks; that you or your spouse (if applicable) pass away, become sick or disabled.
How much you need for each coverage will depend on a multitude of factors, like your age, income, health history and so on. It’s not a one-size-fits-all situation. I’m a big fan of getting a referral to an insurance provider who can help you assess what you need.
It’s worth noting that the insurance business is being heavily disrupted by technology these days. You may find yourself consulting with both an insurance advisor (human) or even one of the emerging tech firms that has removed the human advisor part of the process and uses algorithms to pair you with a policy. Some of those names that have crossed my desk recently are Policyme.com and PolicyAdvisor.com.
The last point to remember when it comes to insurance is that you’re statistically more likely to become critically ill or disabled than you are to die, so don’t overlook your options for critical illness and disability insurance. I often see this mistake made with my students.
When you get your quote for coverage, shop it around and then build the cost into your budget.
Write your will
Willful.co, a digital will-making platform, ran a study just over two years ago and found that 65 per cent of parents haven’t set up their will.
Parents, if you don’t have a will, please stop what you are doing right away and make this one of your top priorities.
A will dictates how you want your assets and your children’s’ guardianship handled if you die. This is no laughing matter. If you don’t make a plan for this, the courts will decide what’s going …….