A.T. Financial Newsletter
The end of another year is an
ideal time to look back and
reflect on the progress you’ve
made towards your personal and
It's also a great time to revisit
your overall plan. Have your
needs changed in the past 12
months? Have you expanded -
or are you planning to expand -
your family? Perhaps you’ve
Changes like these can affect
your financial plan, which is why
it's so important for us to stay in
touch and stay up-to-date. So
give us a call. We'd love to hear
what you've been up to.
FOCUS ON INSURANCE
Putting your trust in insurance
and your insurance in trust
Picture this: You and your partner have a
young family. Wanting to protect your
children, you've purchased life insurance on
both your lives. You are the beneficiary of
your spouse's policy, and he or she is the
beneficiary of yours.
So… you have all the protection for your
children that you need, right? Unfortunately,
maybe not. What would happen if you and
your spouse died in the same mishap or
within a very short time of each other?
You could name your children as secondary
or contingent beneficiaries, but if they were
still minors, the policy proceeds couldn’t
go to them directly. The death benefit
would be held by the court or public
trustee until your children reached the age
of majority, and the money might not
be administered as you and your partner
would have wanted.
Instead, you might want to name a trust
as beneficiary or contingent beneficiary or
direct the policy proceeds to the person you
have designated in your will to be their
guardian in the event of the death of both
you and your partner. When your children
become adults, you can then name them
directly as beneficiaries if you wish.
Covering all the bases
A key part of insurance planning is to
protect against as many contingencies as
possible. As you can see, it can be complex.
Please remember that we are always here to
help ensure you have the coverage you need
to protect your family and keep them safe
even as your circumstances and needs
change over time.