Your life doesn't stay the same forever. Your insurance coverage, benefits and long-term savings arrangements shouldn't be left on autopilot either.
Think about where you were five years ago.
Maybe you were living in a different home, working for a different company, raising young children, running a small business or just starting a new chapter. Perhaps your responsibilities have grown, your family looks a little different or your career has taken an unexpected turn.
A lot can change in five years.
But here's a question worth asking: Have you reviewed your insurance coverage and benefits to make sure they still reflect the life you're living today?
It's surprisingly easy to let these important details sit in the background while life carries on. You sign a policy, enroll in workplace benefits or set up a savings account, and then move on to the next thing on your to-do list.
The problem is that the circumstances you had when you first made those decisions might not be the circumstances you have today.
Taking time to review your coverage is one of those practical steps that can make a meaningful difference.
1. Your family has changed. Has your life insurance?
Life insurance is often something people think about when they get married, purchase a home or welcome a new baby. These are important milestones, but they aren't the only times worth reviewing your coverage.
Consider how your family responsibilities may have changed over the years.
Perhaps you've taken on a larger mortgage, had another child, become responsible for helping an aging parent or experienced a significant change in household income.
Your life insurance needs can change alongside those responsibilities.
A review is an opportunity to look at questions such as:
Is your current life insurance coverage still appropriate for your family's circumstances?
Have your beneficiaries been updated following major life changes?
Would your existing coverage provide the protection your family may need?
Do you understand the terms, conditions and limitations of your current policy?
Have you considered how your family's needs might change over the next several years?
Life insurance isn't simply about having a policy in place. It's about understanding what that policy is designed to do and making sure it continues to reflect your priorities.
2. Your career has changed. Your insurance needs might have, too.
Changing jobs, becoming self-employed or moving into business ownership can have a significant impact on the benefits and insurance coverage available to you.
For example, many employees have access to group health and dental benefits through their workplace. But when someone changes employers, becomes self-employed or starts a business, those arrangements can look very different.
It's worth taking a closer look at what you currently have available.
Some questions to consider:
Do you have health and dental coverage through your employer?
What happens to your group benefits if you leave your current position?
Do you have individual life or disability insurance outside of your workplace coverage?
If you're self-employed, have you considered how you would manage an unexpected illness or injury that prevents you from working?
Are your current benefits sufficient for your needs?
One important thing to remember is that workplace benefits and personal insurance serve different purposes. Having one doesn't automatically mean you have everything covered.
Understanding the distinction can help you identify potential gaps and make more informed decisions about your protection.
3. Business owners have another layer to consider
If you own a business, reviewing your personal insurance is only part of the conversation.
Your business has its own responsibilities, and the people who help keep it running are an important part of the picture.
As your company grows, your needs may change. You might hire your first employee, expand your team, bring on a business partner or take on additional responsibilities.
These changes can make it worthwhile to review several areas of coverage.
Employee benefits: Group health and dental coverage, healthcare spending accounts and other employer benefit options can help businesses create a benefits package suited to their employees and organizational needs.
Business owner protection: Buy/sell coverage, including life insurance and illness coverage, can be an important consideration for business partners who want to prepare for unexpected changes in ownership circumstances.
Personal protection: Business owners should also consider their own personal insurance needs. If your business relies heavily on your ability to work, what would happen if an illness or injury prevented you from doing so?
Business ownership comes with plenty of moving parts. Reviewing your insurance and employee benefits shouldn't be something that only happens when there's a problem.
It's worth making it part of your regular business check-in.
4. Your savings and investment goals have evolved
Insurance isn't the only area worth revisiting as life changes.
Your longer-term savings and investment arrangements may also need attention as your priorities evolve.
Perhaps you originally opened a Registered Education Savings Plan (RESP) when your children were young. Maybe you've been contributing to a Registered Retirement Savings Plan (RRSP), opened a Tax-Free Savings Account (TFSA) or started exploring investment options as your circumstances changed.
Different stages of life often come with different priorities.
A young family may be thinking about education savings. Someone approaching retirement may be looking more closely at their retirement income options. A person with a disability or a family supporting someone with a disability may want to learn more about a Registered Disability Savings Plan (RDSP).
These are all examples of arrangements that deserve to be understood and reviewed over time.
The important thing is knowing what you have, why you have it and how it fits into your current goals.
5. When was the last time you actually read your policy?
Let's be honest. Most of us aren't sitting around on a Saturday afternoon reading insurance policies for entertainment.
But knowing what your coverage includes is incredibly important.
There is a difference between having insurance and understanding your insurance.
Coverage amounts, exclusions, limitations, renewal conditions and beneficiary designations are all details worth understanding.
If you aren't sure what your policy includes, that's a good reason to ask questions.
You should feel comfortable understanding:
What your policy covers.
What circumstances may not be covered.
How much coverage you currently have.
Who your beneficiaries are.
How to access your benefits or make a claim.
Who to contact when you have questions.
You don't need to become an insurance expert. You simply need to have a good understanding of the protection you have in place.
And if something doesn't make sense, ask. A good conversation should leave you feeling more informed, not more confused.
6. Make an insurance and benefits review part of your routine
You don't need to wait for a major life event to review your coverage.
In fact, making it a regular habit can help you stay aware of changes and identify questions before they become more pressing.
Here are a few things you can add to your annual review:
Personal insurance
Review your life insurance coverage.
Check your beneficiaries.
Revisit your disability and critical illness coverage.
Consider changes to your family responsibilities and household needs.
Workplace benefits
Review your employee health and dental coverage.
Understand your available benefits and coverage limits.
Ask your employer or benefits representative about any changes to your plan.
Business protection
Review employee benefits as your team grows.
Revisit buy/sell arrangements if your business ownership structure changes.
Consider your own personal protection as a business owner.
Longer-term savings and investments
Revisit your RRSP, TFSA, RESP or RDSP arrangements.
Consider changes to your goals and timelines.
Make sure you understand the products and options you currently hold.
You don't have to tackle everything at once. Even setting aside time to gather your documents and write down a few questions is a good starting point.
Life moves forward. Your coverage should reflect that.
One of the biggest misconceptions about insurance is that once you have something in place, you can forget about it.
But families grow, businesses evolve, careers change and priorities shift. The decisions that made sense several years ago may need another look today.
At Brightview Financial Services, we believe these conversations should be approachable, educational and built around the individual circumstances of each client.
From personal and family insurance to employer benefits and segregated funds and banking services, our team is here to help you understand the options available and make informed decisions about your coverage.
You don't need to have all the answers before starting a conversation. Sometimes the best place to begin is simply asking, "Is what I have in place still right for me?"
Ready to take another look at your coverage?
Visit Brightview Financial Services to learn more about our services, or contact our team to start a conversation.
Because life changes. It's worth making sure your coverage keeps up.
