Columnist image
Pattie Lovett-Reid

Chief Financial Commentator, CTV


Insurance can be a touchy subject because no one likes to think about their own demise. But what if you think about it this way – insurance isn’t about you, it’s about the people you care about most.

Lorne Marr, director of new business development with LSM Insurance said this: “I think life and living benefits insurance definitely forms the foundation of any financial plan.”

Your ability to earn an income is your most important asset. If you become sick, injured or die, that income stops. This becomes particularly important when you have a young family, because young children can’t earn an income themselves and are dependent both emotionally and financially on their parents.

If one spouse becomes disabled or dies, the other spouse needs a financial cushion that life and disability/critical illness insurance provides to help the family focus on recovery and creating a sense of normalcy and stability.

The challenge that many face is that no one thinks something could happen to them. They are living close to the margin and it is easier to ignore than confront a potentially harsh reality.

A few things to consider when it comes to insurance:

  1. Insurance is the one product that covers you for the “what if” scenario in life
  2. Insurance will protect your standard of living
  3. Policies need to be reviewed on a regular basis to ensure coverage levels are adequate
  4. The younger you are, the more attractive the rates will be
  5. Not all policies last forever – many whole life insurance policies are no longer available