Sharing Your Life

You want to share your life with the person you love. That sharing also involves projects you both cherish, as well as many years ahead of you to make them a reality. Life together promises many happy moments…

But remember: thinking ahead and planning for your relationship’s future will guard against potential financial burdens.

Committing to a relationship with the person you love means planning for a future with him or her. But it also means preparing to face life’s difficult moments side by side. To better handle the bumps you meet on the road of life without losing your balance, make sure that you have the right financial protection.

• Life insurance
  If you don’t yet have life insurance, find out more about this option to ensure your spouse’s financial security in case of an unfortunate event. Designating your spouse as beneficiary means he or she will receive the benefit payable subject to the policy’s conditions. If you already have life insurance, consider increasing your coverage to protect your spouse from potential financial worries.

• Disability insurance If you or your spouse becomes disabled due to accident or illness, disability insurance can provide income to replace your salary so that you can maintain your standard of living.

• Accident insurance
  Accident insurance will help you face the unexpected and cover the costs of accidental injury or death. In certain cases, accident coverage can also reimburse expenses that are not covered, or are only partially covered, by group insurance plans.

Writing a will is the first thing that anyone responsible for another should do. If you live with a common-law or de facto spouse, only a legally registered will ensures that your property will devolve to your spouse when you die. If you are married, you should also write a will to spare your family a lot of time and financial worries. You should each write a will and inform each other of your last wishes.

Most people want to ensure that their wishes are properly carried out should they become physically or mentally incapacitated. A mandate in case of incapacity (or a power of attorney for property or for personal care) is intended specifically for that purpose.

The mandate in case of incapacity is a legal document through which you authorize a third party to make decisions in your place if you are physically or mentally incapable of doing so. A mandate may be established only when you are capable of doing so; likewise, you can only change the mandate or appoint another person when you are capable of doing so.

This information is provided for information purposes only and should not be considered legal or financial advice. For more information, contact a legal or financial advisor.