Island Savings

Insurance During Retirement

It's just as important to have your assets protected when you're retired as it was when you were a full-time wage earner. Consider some insurance changes you may need to make.

 

Being protected

All your life you were a wage earner and you made sure that if anything happened to you, your family would be able to continue living the same lifestyle that they were used to. But once you retire, it's still important to think about protecting your assets. If you’ve already maximized your RRSP, TFSA and Pension Plan contributions, there are still life insurance options that can help fund your retirement while providing tax advantages. Contact an Island Savings Insurance Services Personal Insurance Advisor to learn more about these types of life insurance policies. .

Life insurance

A good life insurance policy will cover many of the expenses and concerns that will arise when you die. It will protect your assets for your heirs and continue any income for the people who depend on it. It will also cover funeral costs, legal and executor fees, as well as pay any taxes you owe at death.

EXPERT TIP

Choose the investment option which best fits your risk profile. Most universal life policies let you choose a savings account, GIC, or index based investments.

Health insurance

Just as with life insurance, you'll benefit greatly from obtaining a health insurance policy early. This type of coverage can be a great help if you become sick and need special medical care. A good policy can help cover the costs of prescription medications or any medical supplies you need. It will also cover extended hospital stays and any special home care that you may require.

Know your needs

Make sure you choose the policies that are right for you and your family, so that you meet your needs. Your Island Savings Insurance Services Advisor can help you find good insurance coverage you can afford.

 

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