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Evaluating Your Insurance Needs
Committing yourself to the person you
love means making future plans with that person. It also means
confronting life’s difficult moments. To better face unexpected
situations and stay happy, ensure that you have adequate financial protection.
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Life Insurance
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If you do not yet have life
insurance, you would be wise to take out coverage to ensure the financial
security of your spouse in case of an untoward event. If you designate
your spouse as beneficiary, they will receive the benefit payable in accordance
with the associated conditions. If you already have life insurance protection,
you might think about increasing coverage to protect your spouse from
potential financial worries.
To calculate the amount of life insurance required
to meet your spouse’s needs, see Your Life Insurance Requirements.
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Disability Income Insurance
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If you or your spouse becomes disabled as a
result of an accident or illness, disability
income insurance will replace your salary so that you can maintain
your standard of living.
To calculate the amount of disability income
insurance you need as a couple, see the Disability Income Amount You Need.
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Accident Insurance
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Accident insurance will help you face contingencies and
assume the costs of an accidental injury or death. In certain cases, you
may be able to obtain the reimbursement of costs that either are not covered
or are partially covered by group insurance plans.
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Critical Illness Insurance
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The diagnosis of a critical illness is very
unsettling—not only to you but also to your spouse. If a critical
illness means that you must quit your job, critical
illness insurance will allow you to continue to pay your day-to-day
expenses and devote 100% of your energies to your recovery, free of financial
worries.
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Group Insurance
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If you are a member of a group
insurance, plan, you may want your spouse to benefit from the plan.
Inform your plan holder of your new situation so that the necessary changes
may be made to your coverage.
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