When Should You Revisit Your Insurance or Financial Plan?
Purchasing an insurance policy or putting together your first financial plan is an important step towards your financial future. But just like older clothing, sometimes we outgrow the plan and need to review whether is still fits or needs to be modified.
In general, we like to set up progress meetings at least annually. This gives us the opportunity to stay updated with your life, keep your plans up to date, beneficiaries up to date, et cetera. However, there are some events that may require a meeting more than annually and they are listed below.
Significant Life Event
Typically at any significant life event, you should speak with your insurance or financial advisor. These events include, but are not limited to:
Marriage
Birth of a Child
Death in the Family
Taking on Significant Debt
Job Change
Divorce
Retirement
Any of the above changes will have an impact on your plan. For example, your goals may change or beneficiaries need to be updated or changed. In many of these situations, we may be able to offer additional guidance based on our knowledge of your circumstance, or offer to refer you to other professionals we know.
A New Tax Law or other Economic Circumstance
Remember earlier this year when the Canadian government increased the TFSA limit from $5,500 to $10,000? That gave many clients an opportunity to tax shelter some future gains and that required a meeting with all of those clients. Other economic circumstances include client’s concerns with the markets. We’ll gladly set up a meeting to guide you through the uncertain times.
Summary
Reviews of your financial/insurance plan, or progress meetings, as we like to call them, should happen at least annually. Outside of that, it’s a two-way street with regards to communications. We’ll update you when economic circumstances warrant a progress meeting and you update us when life circumstances warrant a progress meeting. That being said, feel free to call us at any time: (705) 733 9385.