4 questions to ask yourself
1. Do you still need life insurance, and if so, what kind?
You’re no longer earning an income, but will your savings be enough to support any dependents when you die? Also, if you had insurance when you were working, what will it cost to replace?
2. Will your insurance cover final costs after you die?
This can include funeral costs, and any probateProbate Fees to settle your estate after your death. The probate process includes reviewing your will to ensure it’s valid. Also includes paying any debts and giving your money and property to the beneficiaries you have named in your will.+ read full definition fees and taxes.
3. Do you have enough insurance on your home and car?
If you’re not working, you need to make sure your insurance can cover any emergency costs like damage to your home or car. Unexpected expenses can be hard to cover when you’re on a fixed incomeFixed income An investment that pays regular income to you. Examples: Guaranteed Investment Certificates, Canada Savings Bonds and types of other bonds.+ read full definition.
4. Do you need health insurance for travel outside the country?
If you’re planning to spend winters in another country or to travel more, make sure you’re covered in case something happens to you. Learn more about travel health insurance.
Get the advice of an insurance agentInsurance agent A person who is trained and licensed to give expert advice and sell insurance. Some get extra training so that they can also sell investments. They get paid by the companies whose products they sell.+ read full definition. They’ll take you through a detailed analysis of your insurance needs.