I'm building our financial security step by step
My priorities
Ensure my child's financial security should tragedy strike before she is self-sufficient
Maintain our standard of living in the event of disability or any unexpected occurrence
Make up for lost child support if my ex-husband were to die
Prepare my child's future
Prepare my retirement
My solutions
Ensure my child's financial security should tragedy strike before she is self-sufficient
I want to make sure that my daughter will have an adequate income should I fall critically ill or die before she turns 28. With the following insurance I can meet this essential need:
- 20 Year Term Life Insurance: This life insurance is a lower priced solution than permanent coverage. If I were to die in the 20-year period of this coverage, my daughter would receive the insured amount. This is a tax-free benefit that will meet her needs. Once the 20 years are up, I'll have the option to renew this coverage for another term or convert it to permanent coverage to meet any other needs I may have at the time.
- Critical Illness Insurance: If I ever become critically ill, this coverage will allow me to receive a tax-free lump sum during my lifetime. I can use this money to offset the lost income due to my absence from work and preserve an adequate standard of living for my daughter and me.
Maintain our standard of living in the event of disability or any unexpected occurrence
Receive a benefit to replace my income in the event of disability.
Put money aside for emergencies, because we never know when the unexpected will strike. If I lost my job, this money would allow me to look for another one without worrying about finances.
- Guaranteed Investment Certificates (GICs) are the right choice because they are guaranteed and redeemable at any time. With these funds, I can deal with the unexpected without jeopardizing our financial security or our projects.
Make up for lost child support if my ex-husband were to die
Compensation for lost financial support from my ex-husband should he die.
- 20 Year Term Life Insurance on the life of my ex-husband: This coverage ensures that if my ex-husband were to die while my daughter is still dependent on me, the child support payments would be replaced by an insurance benefit. If this were to happen, I would save a portion of this money for my daughter's education - I'd never want her to stop studying for lack of money. I can terminate this coverage when it's no longer needed.
Prepare my child's future
My daughter's education is vital. I want her to have the opportunity of a higher education if she so desires.
- Registered Education Savings Plan (RESP): I've decided to set up this plan, because for me it's the best way to contribute to her education when the time comes. It's easy! I use my tax refund generated by my RRSP contributions to put in the RESP.
Prepare my retirement
I think about myself too and I save for my retirement. I could retire at 57 and enjoy the many years ahead.
- The Desjardins Financial Security's Guaranteed Investment Funds and multistrategy investments meet our security needs with regards to our RRSP portfolio. In addition to being managed by professionals, the capital of these products offers guarantee options at maturity. As a result, we have the best of both worlds, security and performance.
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Since my investments are issued by a life insurance company, I have designated my daughter as beneficiary for all my contracts. When I die, the capital will go directly to her and thus be excluded from my estate and won't be subject to probate fees.* |
* In Quebec, a notarized will and the estate capital are not subject to probate.
I need advice tailored to « My situation »
I want to contact a financial security representative who will assess my life insurance and savings needs and suggest products tailored to my financial situation.
