With my 35th birthday around the corner, I’ve been thinking a lot lately. I’ve come to accept with the cost of having a child, it’s probably not going to happen for another few years. And if I did what if I got into a serious accident at work? Disability insurance could help with that. My doctor friend told me that he has physician disability insurance and he is the same age as me. I don’t like it, but it’s important to be a bit more realistic about my life and where I am headed after the last few months. I recently sat down with an RBC Insurance advisor here in Toronto to talk about life insurance and starting to invest in myself and my goals on a more consistent basis. Life Insurance and everything surround this topic can be quite daunting, but when you put that aside, you realise that this is something that has to be done if you want to protect your family once you no longer can. Companies such as Money Expert can help you out when it comes to ensuring you choose the right insurance for the needs of yourself and your family. Not many people consider this until it is too late, but once you sort this out earlier, it is one less thing for you to think about.
It is best to get this done through professional and reputable companies such as Affordable LIfe USA, who can give you the right advice to move forward with getting your life insurance sorted. Life insurance policies differ for every country though so if you’re in the US then you may need to look for another provider or if you’re from you might want to visit Lifequote.co.za for life insurance. I wanted to share my personal experience with getting life insurance and the three reasons why I felt it was important to do so.
I’ve been an RBC client since I was born. The bank is a part of my family and has been for my whole life – every apartment I have ever had was insured with them, and the same goes for every car I’ve owned over the years. So it only made sense in my mind to keep my insurance needs with one financial institution. The thing I didn’t realize going into the consultation was how intricate life insurance is to apply for. It’s by now means a topic I thought I would be talking about at 35, but one I am proud of addressing in my adulthood. Not only is it better to talk about at a younger age from a logical stance, but it also saves me some money in the long run. And for someone who wants a baby in a few years, every dollar I can stash away counts.
But why now? Well my birthday around the corner in October, and the anniversary of my Dad’s passing is coming up in November. It’s always a difficult time for me emotionally because it reminds me that we never know how long we have. One day I had a dad, and the next I didn’t. He passed away suddenly and while it turned my whole life around, it also reminded me to take better care of myself. The life insurance policy can never replace my Dad, but it did help my family through the financial aspects of death and the new reality we have been living since we lost him.
Using the RBC Insurance website, I started to look into my options a few months ago. The three topics below were (and still are) the reason I felt it important to look into and get myself a policy after entering a bit of information and requesting a meeting with a local RBC Insurance Advisor.
Death is expensive – and sadly, a lot of us won’t be financially prepared when we are faced with it. From the cost of funerals, burials, and the costs of changing legal documentation on things such as property and vehicles, the costs add up quick. I personally chose for a $500,000 policy because I want the beneficiaries I named to be not burdened when I pass away. I’m not planning on going anywhere any time soon, but you never know how long you have on this big beautiful planet. The security of my policy puts my mind at ease if something were to happen to me. That being said, after my initial consultation with my Insurance Advisor, I do want to be honest and tell you that I had to undergo medical tests based on the size of my policy. If you look into your options with RBC, you’ll notice that there are different options for you and what you would like to make sure is set aside for your loved ones. This was an amount I was comfortable with to help them for as long as I could and there is a certain sense of comfort in that now that my policy has been issued and I am paying my premiums monthly.
Something I didn’t know about the policy that was tailored to me specifically is that it also offers a certain financial stability while I am still alive. I have opted for an investment option which can allow me to pull out capital from my policy if needed. So in a way, this investment is something I am doing both for myself and for those I love. The stability of this investment is important for me as I work towards my goals in life, and for the security of my loved ones should anything happen to me.
This is a really big one for me. I know that I am responsible for my finances and my debts, but what a lot of Canadians may not know is that unless you have those debts insured as well, they are passed along to your spouse or family. This policy ensures that if something were to happen to me, those I love would have the funds necessary to pay off my debts after I pass away. And hopefully to have enough funds available to them that they can begin to heal, and start on their paths to living without me. Yes, I know that sounds surreal, but being someone who has experienced death and watched all of this play out, it’s important that my family is taken care of. I can’t imagine leaving anything to chance should anything happen to me accidentally, and as I get older and have my children, I can add them as beneficiaries to the policy which is nice as well. I like to think me being responsible with this, and my other insurances, is a sign that I am on my way to what I want most in life. One financial decision at a time.
There are of course other options I am looking into for 2019 – including income insurance and disability insurance since I am an entrepreneur and both options via RBC Insurance can provide me with some sense of assurance if I needed either. RBC Insurance has for years helped me feel protected and prepared for the things I hope never happen. I encourage you to check out the RBC Insurance website for your options and to speak with a licensed RBC Insurance Advisor about what options suit you in whatever stage of life you are.
You can join in the social media conversation with RBC Insurance by following them on Twitter (@RBCinsurance) and by ‘Liking’ their facebook page. It’s okay to be intimidated by the topic, but I’m here on social media if you have any more questions about my personal experiences or just want to talk.
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Photos: All social media accounts listed above, RBC Insurance & Daniel Reyes