Cont. from last edition.


With the changes in your housing situation, your insurance needs also undergo a change. When you buy a new house, it’s important that you should add enough insurance so that your family may be able to pay off the mortgage in case you die unexpectedly. With the passage of time, the value of your home will increase leading to an increase in its mortgage value. So you may need to add a little more coverage. On the other hand, if you have downsized or have paid off your mortgage, you may think of reducing your life insurance coverage since your insurance needs have decreased. To tackle these situations without any hassle, a timely review with your insurance advisor will prove immensely useful.


A change in your employment circumstances also requires a review of your current policy. If your income increases from a salary raise or promotion, you may need to reevaluate your policy. Sometimes in your previous job you didn’t opt for coverage but now you have entered a high risk profession for which you need coverage. In other situations, if you had group insurance coverage under your previous employer, with the change in employer, you may need to convert that plan to an individual insurance policy within a specified period.

As we can see, to make sure that your life insurance coverage is appropriate for your situation, you should review your insurance policy annually. As an independent insurance advisor working through Punjab Insurance Agency, I deal with different insurance companies offering plans for different types of insurance. I can explain to you in detail, the insurance plan options and coverage that are suitable for your needs and resources. Besides, I can also help you to purchase mortgage insurance, super visa insurance, disability insurance, critical illness insurance, extended medical plans, group medical plans, RESP, RRSP, travel insurance, TFSA accounts, health and dental plans along with estate planning suitable for your needs and resources.

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Sandeep Ahuja