It is always a good idea to do a financial check-in every 12 months. Without a financial check-in, we leave ourselves vulnerable to the winds of change, drifting aimlessly away from our financial goals. One small change in our situation can have a drastic long term impact on us. In regards to your employee benefits plan, insurance coverage and financial planning, here are 6 important questions to ask yourself each year. If you answer “YES” to any of these questions, please email us back and let us know. For the first four questions you may also want to let your plan administrator know so that you retain the proper level of plan coverage.
Ask yourself these 6 questions:
1) Beneficiary Designation – Have you had a change in your relationship or family structure that warrants changing who your beneficiary should be?
2) Family Change – are there any new additions or changes to the family structure? i.e. children, marriage, divorce, common-law, etc…
3) Dependent Children – is there any change in post-secondary school status?
4) Income – has there been any change in your annual income from employment?
5) RRSPs and Investments – The markets are always changing. Has it been longer than 12 months since you have seriously reviewed your RRSPs and other investments?
6) Mortgage Insurance – Do you have a mortgage renewal coming up within the next 12 months?