The need for corporate life insurance changes as your business moves through the 4 stages of growth. The need for insurance expands as your business matures.
Launch stage - Cover off any debt, founder/key person, buy sell
Growth stage - Cover off any debt, founder/key person, buy sell, business overhead expenses
Putting it all together now...The need for personal life insurance. The video outlines the 5 stages of life and demonstrates the need for insurance in each stage.
Since July 2016, the Government of Canada introduced the non-taxable Canada child benefit (CCB). There are a number of ways these funds can be used to offset the expenses of raising a child.
It's understandable if the idea of sitting down with a certified financial planner (CFP) hasn't been a priority if you're busy with careers, kids, debts, and unexpected events.
You need to read the attached article: "3 Big Shifts That Make Financial Planning More Important Than Ever."
1. We're living longer
2. Future government coverage may decrease