Protecting your Family

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Managing risk

Once you have young dependants, you naturally start to think about ways to protect them including how best to care for them should anything happen to you. Insurance becomes much more important during this stage of your lives, because it protects your family from the financial consequences of unexpected events.

In addition to the insurance you already have, which may include home and auto insurance, you'll want to consider adding creditor, health and life insurance policies to your plan.

• Health insurance provides financial support to protect your family if you or your spouse becomes ill or disabled and is unable to earn a living.
• Life insurance should be enough to help your family maintain their standard of living if you should pass away.
• Creditor insurance supplements both health and life insurance by helping to reduce or pay off the balance of financial obligations such as your mortgage or outstanding credit card balances.

To learn more about Creditor Insurance, watch our video.

Together, these can form a well-rounded plan that can help provide for you and your family.

Take a look at the insurance you have and identify any gaps such as:

• Are there other types of insurance you need to add?
• Have you purchased items or made upgrades that need to be added to your homeowners or renters policy?
• Do you have adequate amounts of coverage for your health, life and creditor policies to protect your family until they reach adulthood?

Insurance is only one part of the picture of a solid financial plan. Make sure you complete the legal paperwork required to protect your family. This includes Wills and Powers of Attorney/Mandate for both you and your spouse.

• A Will helps to ensure that your estate is distributed as you intend, and that your children will have the care and resources they need. It also allows you to name a legal guardian for your children.
• A Power of Attorney (or Mandate in Quebec) ensures that your partner or another trusted person will be authorized to manage your financial affairs on your behalf if you are unable to do so.
• A Living Will allows you to maintain control over your own health care decisions, even when you can't make them.

Taking the time to plan your insurance and estate will put your family's future on a solid foundation. Ask your RBC Royal Bank^® account manager to help you determine your coverage needs through a general insurance needs assessment. For more specific information about insurance, speak with a licensed insurance advisor.

View additional tools and resources to help you manage your finances.

You are on: Solutions

Managing risk

With the right products, you can easily create a plan to protect your assets and provide care and support for your children in case of accident, illness or death. As well, look at your existing home and auto insurance policies to make sure you have adequate coverage for any changes you may have made over the years.