Top 5 Ways to Protect Your Property & Loved Ones

Your home is one of the largest purchases you’ll make in your lifetime. And your ability to earn an income is your greatest financial asset. While you’re diligently paying off your mortgage and working hard, it’s a good idea to look into insurance options to help out if something were to happen to you. For eligible MCAP homeowners, there are Home Mortgage Protection: Mortgage Life & Disability Insurance options available that are both affordable and convenient.

About half of Canadians have a will, and only 40% have a power of attorney.¹ The stats are even lower for Canadians under the age of 35. Having a will is a wise choice for everyone because it communicates how you want your property and assets are distributed should you pass away. You can choose to have a lawyer prepare your will or make use of various online templates or programs to get started. In any case, you’ll want to ensure your will is up to date every five years or whenever you have a major life event.

If you’re already taking advantage of registered investment accounts like a TFSA or RRSP to save for your future, you’re on the right track! Saving in these types of accounts has various tax benefits which pay off in the long run. You can make sure your investments are secure by designating your beneficiary or, in the case of a TFSA, a successor holder if you are designating a spouse or common-law partner.

With proper planning and things like insurance and registered savings accounts, it can be easy to forget one of the most useful financial resources in an emergency – an emergency fund. When tough times arise, you may need funds right away to tide you over until insurance funds arrive or you’re able to get access to money from a registered account. That’s why having an emergency fund that’s easy to access is beneficial. Ideally, an emergency fund should cover three to six months’ worth of living expenses.

Keeping your important documents organized is key to making things simple for your loved ones in case something was to happen to you. Traditionally, safety deposit boxes were the choice location for important documents and valuables, but more and more people are finding alternative methods that work for them. You can also store these documents with a lawyer, at home, or store them digitally. If you opt to keep a copy of your will and insurance documents at home, make sure they’re being kept somewhere they won’t be damaged by fire or water. Wherever you choose to store your paperwork, be sure to let a trusted person know where it’s located so they can access if needed.