Protect Your Loved Ones with a Financial Plan: What Happens If You Don’t Come Home Tomorrow?

In my time as a financial professional, I’ve often started conversations with one crucial question: What happens if you don’t come home tomorrow?

For many, this question leads to an uncomfortable pause, followed by a nervoeal conversations you can have to ensure your family’s financial future is secure.

Let’s explore the essential steps to safeguard your loved ones and why creating a financial plan—including a will, insurance, and a strategy to handle the unexpected—is not just important, but vital.

It's not an easy topic—no one enjoys thinking about their mortality or the financial challenges it might bring. But ensuring your family is protected in the worst-case scenario is a gift that brings lasting peace of mind.

Step 1: Create a Will and Plan Your Legacy

One of the simplest ways to protect your family is by having a valid will. A will ensures that your assets—whether it’s property, investments, or personal belongings—are distributed according to your wishes. Without one, the government decides how your estate is divided, often creating unnecessary stress and conflict for your loved ones.

Shockingly, 50% of Canadians don’t have a will, and many existing wills are outdated, failing to reflect life changes like marriage, children, or new assets. Updating your will every five years—or after major life events—is crucial.

A simple online will can ensure your family is protected. One doesn't need to spend exorbitant amounts of money to get a will done with a lawyer. The key is to act now. Reach out to help us help you.

Step 2: Assess Your Life Insurance Needs

Life insurance is another cornerstone of financial planning. It provides a tax-free payout to your loved ones, helping them manage expenses, debts, and lost income in your absence.

If you’re relying solely on employer-provided insurance, think again. Most workplace policies only cover one to two years of your salary—far less than what most families need. A general rule of thumb is to aim for coverage that’s 10 times your annual income, though individual needs will vary.

Term life insurance, which is more affordable, may be a good option for families significant debts for a short duration of time. On the other hand, universal insurance or whole Life may be better suited for those with long-term estate planning goals with the ability to use the money tax free while you're alive.

Step 3: Don’t Overlook Disability and Critical Illness Insurance

While life insurance protects your loved ones after your passing, disability and critical illness insurance safeguard your income if you’re unable to work due to an injury or illness.

Disability insurance ensures a steady stream of income, while critical illness policies provide lump-sum payouts to cover medical expenses or other financial needs during recovery. These policies are especially important for those without employer-provided benefits or those who are self-employed.

Step 4: Keep Your Insurance Portfolio Updated

Just as your will needs regular updates, your insurance portfolio should be reviewed periodically. Ask yourself:

• What does my employer-provided insurance cover?

• Is my life insurance coverage sufficient for my family’s needs?

• Do I have adequate disability or critical illness coverage?

If you’re unsure where to start, try an online insurance calculator to identify any gaps in your coverage.

Step 5: Don’t Wait—Secure Your Family’s Future Today

It’s easy to delay these conversations. After all, life is busy, and thinking about the “what-ifs” can be uncomfortable. But the reality is that planning now can save your family immense emotional and financial strain in the future.

As a financial advisor, I’ve helped countless families navigate these challenges. I invite you to take the first step by scheduling a free financial planning session with me at ajpaul.ca. Together, we’ll create a personalized plan to ensure your loved ones are protected no matter what the future holds.

Don’t wait until it’s too late— reach out and secure your family’s future today.