September: Why National Insurance Month is the ideal time to review your life insurance

September is a month of transition and renewal. While children go back to school and families regain their rhythm, it is also the perfect opportunity to take stock of your finances. Did you know that September is recognized as the National Insurance Month in Canada? This symbolic moment is ideal to review your life, critical illness and disability insurance policies, to ensure they still meet your real needs.

Why review your life insurance every year?

Life changes quickly: marriage, birth of a child, divorce, buying or selling a home, starting a business or preparing for retirement. Each of these events changes your responsibilities and priorities. An annual review of your insurance helps you to :

• Check that the coverage amount is still suited to your needs.
• Detect gaps or unnecessary overlaps.
• Confirm that your beneficiaries are still properly designated.
• Assess whether your premiums and deductibles still fit your budget.

This analysis ensures that your protections remain relevant and effective over the years.

Adapt your protections to your financial situation

Your income, your debts and your financial plans evolve. It is therefore essential to verify that your insurance keeps pace. A review allows you to :

• Adjust the coverage amount according to your assets and liabilities.
• Take advantage of better rates or premiums available.
• Optimize the tax advantages related to certain insurance products.

By proceeding with this update, you ensure that your protections are always aligned with your life goals and your budget reality.

The importance of critical illness and disability insurance

Although life insurance is fundamental, it is crucial to also consider the risks related to a serious illness or disability. These unforeseen events can heavily affect your finances and jeopardize your projects. Including these protections in your insurance portfolio gives you peace of mind knowing that your family and your income are protected, no matter the circumstances.

FAQ: Annual insurance review

When should you review your life insurance?

Ideally every year, or after any major event such as a marriage, a birth, a real estate purchase or a professional change.

What events influence my coverage?

Marriage, divorce, the arrival of a child, buying a home, retirement or the growth of a business.

Why is September recommended?

Because it is National Insurance Month and a key time to plan your finances after the back-to-school period.

Take action this September

Don’t let an unforeseen event decide for you. Take advantage of this awareness month to review your policies, fill in any gaps and secure your plans. A financial security advisor can help you find the coverage that fits your needs and budget.

Take time today: your peace of mind and that of your loved ones depend on it.