30 Point Financial Inspection
30 Point Financial Inspection

30 Point Financial Inspection

Just like your car requires it's annual inspection to make sure the brakes, lines, and engine components are working properly, so does your personal financial plan. Hopefully, you already have one in place that was created either by you, or even better, by a professional financial planner. The plan is basically your road-map to retirement and financial security.

As we all know, nothing in life is constant, except change. For that reason you need to take some time every year to review the financial plan you have in place and to make sure that it still meets all of your needs. What follows is a quick 30-point inspection of the basics that should be covered in order to protect yourself financially.

  1. Have changes been made which should be reflected in your Will?
  2. If you die, do your RRSP's avoid your Estate (Mutual Funds do not)?
  3. Has your income increased in the past year, and does your disability insurance reflect the increase?
  4. If you own term life insurance, has it been reviewed to reflect the newer lower premiums offered by insurance companies?
  5. After debt is paid, how long will the proceeds of your life insurance last? Do you require additional coverage?
  6. Did you pay tax on investment income last year? Would you like to shelter assets to avoid this type of taxation?
  7. Do you have debt, which is not life insured?
  8. Is the bank the beneficiary of your mortgage insurance? If yes, would you like to change this to your spouse or family members?
  9. Do you have a special bequest for charity in your Will? Did you know you can fund this through an existing life insurance policy?
  10. Will the death of a spouse, child or grandchild cause a financial burden on your current finances?
  11. Is your disability insurance organized as a taxable or tax free benefit?
  12. If disabled, can the insurance company force you to return to work if you can work in a different lower paying job?
  13. Have your assets grown so that you should consider reducing your disability and or life insurance coverage?
  14. Do you own a critical illness policy?
  15. Has your family health history changed? i.e. Parents or brothers and sisters? This can affect your insurability for new insurance.
  16. Do you run a business or have business expenses which will continue if you are disabled? Is this covered with Business Overhead Insurance?
  17. Are you concerned about paying for long term care health expenses in the future? Coverage is available.
  18. Has your smoking habits changed? Have you Quit? Do you smoke cigars? Should your insurance company be advised of any change?
  19. Have you arranged for health and dental coverage to continue after your group insurance expires or terminates?
  20. Is you group coverage coordinated with your spouses plan to avoid double premiums and or coverage?
  21. Is your mortgage insured?
  22. Line of Credit Mortgages are now available. Savings can be made. Would lower interest be beneficial?
  23. Has your tax status grown to the point where you can incorporate?
  24. If you are incorporated, is your life insurance owned by the corporation?
  25. Can you benefit from catching up on missed RRSP deposits?
  26. Do you have a written financial plan that you refer back to?
  27. Have you compiled your finances into an easy to use document organizer?
  28. Are you able to deduct interest payments on investment loans?
  29. Do you have a living Will?
  30. Do you feel your finances are completely secure?

If you've answered "No" to any of these questions please contact Living Benefits Atlantic. It is our goal to eliminate your financial burdens.