Canadian Living – September 2019

CANADIAN LIVING SEPTEMBER 2019 | 45

Once you’ve finalized your insurance

decisions, consider creating a document

(paper or digital) called In The Event

Something Happens To Me. This document

provides your family with some vital infor-

mation if you are suddenly injured, fall ill,

or worse, you pass away. Information that

is most helpful for your loved ones should

include: the location of important docu-

ments like your will; health-care directives

and power of attorney; contact information

for your executor, lawyer and a funeral

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cial institutions and insurance provider(s);

and any information related to other poli-

cies you may have like work, union mem-

bership, professional association, etc. You

can also include your bank account num-

bers, insurance policy account numbers,

credit card numbers and any other vital

information for your family.

It is absolutely crucial, though, that this

information is kept in a secure location. If

you have paper documents, keep them in

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don’t forget to include the location and

keys, if applicable, on your document for

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tal documents, then ensure that they are

in a safe and secure location. Consider sav-

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locking it away, because we all know that

a computer can break down (or be stolen).

If you choose to save your documents in

the cloud, do your research to ensure that

your privacy is protected and that your

data is safe and secure.

*Two organizations in Canada exist to give consum-

ers more information about insurance—the Insur-

ance Bureau of Canada (www.ibc.ca) and Insurance

Brokers Association of Canada (www.ibac.ca).

STACY YANCHUK OLEKSY IS DIRECTOR OF EDUCATION AND COMMUNITY AWARENESS AT

THE CREDIT COUNSELLING SOCIETY. FOR MORE INFORMATION, VISIT MYMONEYCOACH.CA.

1

DETERMINE THE TYPE

OF INSURANCE YOU NEED

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my family members take care of them-

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a mortgage, pay for monthly living
expenses going forward, for post-secondary
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plan payments as low as possible

or do I want to use insurance as part

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2

DO YOUR RESEARCH

Many people delay getting insurance

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mortality, but the reality is that no one

lives forever. Turning your focus to the

needs of your family will make it easier for

you to address the topic. If you’re stuck

or uncomfortable, do your research; speak

to an insurance agent, a broker and a

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3

SEE AN INSURANCE

PROFESSIONAL

There are three places from which you

can purchase life insurance.

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a company and can only sell that

company’s insurance policies.

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distributor-like relationship with

various insurance companies.

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for you that also includes insurance.

FOCUSING ON THE NEEDS OF

YOUR FAMILY WILL MAKE IT EASIER FOR

YOU TO CHOOSE LIFE INSURANCE

“

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