Do you have enough life, disability and illness insurance? Find out the answer before you need it
Typical suggestions for saving these types include shopping, bundling with other types of insurance, and increasing the extra costs you can deduct.
According to the Insurance Agency of Canada, you can also ask for discounts: If you are exempt from mortgages, free claims, or have upgraded your home to fire and flooding, you may be better off getting a better deal on your home insurance.
For drivers, install theft deterrent or usage-based insurance app that tracks your driving habits to reduce automatic premiums. Maintaining a clean driving record is also key, the bureau recommends. Your broker or insurance company can help you find savings in your policy.
However, non-construction insurance is a little-known game.
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Young Canadians often underinvest their investments in health and disability
As far as other valuable items worth protecting are concerned, your health, work ability and life.
Kenneth Doll, a Calgary-based financial planner, said that there are wealth architects and life insurance consultants Kenneth Doll, who said that insurance for young people is very insufficient. “It’s like a lot of things in life that need to be triggered,” he said. “A event that leads them to buy insurance. It could be buying a house, having a baby, getting married.”
Rob Tétrault, head of the Tetrault Wealth Advisory Group, Winnipeg CG wealth management company, said that sometimes a tragic event caused their thrill. He pointed out that maybe a friend died, their spouse had no insurance, and a young family supported it alone.
“Most people need to push to get insurance,” Tétrault said. “Then they’ll say, ‘If my kids happen to me, what’s wrong?’ Insurance isn’t urgent, right?
