When do you need to protect your assets? 3 key tips
(NC) While we all hope to remain healthy and happy, sometimes unexpected events can leave us unable to work.
And it’s not always a visible illness or injury like a car accident that prevents you from receiving your paycheque. In fact, mental health was a reason in a third of new disability claims from RBC Insurance clients 18 to 39 years old – and this is up since 2019.
With sky high inflation and the heavy cost of home ownership, you’re not alone if you’re worried about planning for the unexpected.
So, what can you do to protect yourself and assets like your home in case you suddenly can’t work? Here are a few key steps:
Create and update your financial plan
Keeping tabs on your finances and knowing what parts of your budget you can adjust if required is a strong step towards financial security. It will help you be more aware of what you can do right away if you lose a regular paycheque.
Examine workplace benefits and policies
If you have benefits through your job, take the time to understand them. Discovering the ins and outs of your benefits package means you’ll know your options if you must stop work. Check out policies on a leave of absence, see if you get any mental health days, and make the most of your coverage. Even if you don’t have a benefits package, look into workplace policies anyway – there might be perks you don’t realize exist.
Consider or review disability insurance
Disability coverage can replace your income if you can’t work, so you can still make your payments without the added stress of dipping into savings. Look for private disability coverage and check what your workplace offers.
Find more information at rbcinsurance.com/disability.
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