Family financial arrangements rarely arrive all at once. A workplace plan may have been in place before marriage. A term policy may have been purchased with the first mortgage. An RESP may start after a child is born, while RRSP and TFSA contributions continue separately.
Each decision may have made sense at the time. The question is whether the pieces still reflect the responsibilities the family has today.
Start with what depends on income
Income supports more than day-to-day spending. It may support a mortgage, childcare, education savings, retirement contributions, debt payments and the ability of a partner to maintain family responsibilities. Insurance discussions are most useful when they begin with those responsibilities rather than a generic coverage amount.
Review workplace and personal coverage together
Workplace life, disability and health benefits can be valuable. Personal coverage may offer different ownership, portability or contract features. The goal is not to argue that one is automatically better. It is to understand the role of each and whether there is unnecessary duplication or an unsupported responsibility.
Savings accounts also need a purpose
RRSPs, TFSAs, FHSAs and RESPs have different rules and objectives. A contribution is useful only in the context of the goal, time horizon, access needs and risk level. Registered-account decisions may also interact with tax planning, which should be coordinated with qualified tax professionals where needed.
Areas that may be worth reviewing
Income replacement and family expenses
Life, critical illness and disability insurance
Mortgage-related protection and other debt
Education savings and RESP questions
RRSP, TFSA, FHSA and other registered accounts
Workplace coverage alongside personal insurance
Existing-policy reviews after life changes
COMMON QUESTIONS
Questions worth asking
When should a family review life insurance?
A review may be useful after changes such as marriage, a new child, a mortgage, a major income change, a new business, a job change or when an existing policy approaches renewal.
Does having workplace life insurance mean I do not need personal coverage?
Not necessarily, and it does not automatically mean you need more. The useful question is what the workplace plan provides, how long it continues, what responsibilities depend on your income and whether the total arrangement fits your situation.
Can we discuss RESP and other registered accounts?
Yes. Registered account structures can be discussed at an educational level, and eligible investment options may be considered through applicable licensed channels subject to suitability and compliance requirements.
Do you provide mortgage insurance?
I can discuss personally owned life and health insurance in the context of mortgage-related responsibilities. I do not provide home or automobile insurance.