As a new couple you have plans – and that's good. Plans for your life as it is today and as you want it to be in the future. Plans for enjoying the retirement of your dreams. But what would happen if you were suddenly thrown off track by an accident or serious illness? Would such an event deplete your assets and shred your plans? It could happen – but you can insure it doesn't with the right insurance plan.

Here are some of the insurance options you should consider for your plan:

Life insurance. Choose from term insurance – which pays a specified amount should you die while the policy is in force – or from two permanent insurance options:

• Whole Life insurance, which provides a guaranteed amount of insurance for life and a guaranteed cash value.

• Universal Life insurance, which provides a combination of life insurance and tax-advantaged investment options in a single policy.

Term insurance is generally an economical option when you're under 40 however it can become cost prohibitive at older ages. As you mature and your life becomes more complex, as you acquire assets, as you want to increase protection for you and your spouse, and as you want to build a source of non-registered retirement savings or ease estate liabilities, permanent insurance becomes an increasingly better option. So does living benefits insurance.

Living benefits insurance. These insurance options provide benefits to you during your lifetime:

• Disability insurance pays out a monthly income if you are disabled and unable to work, as defined in the policy, due to an illness or injury.

• Critical illness insurance pays a non taxable lump sum upon diagnosis of a specified life-altering illness, such as cancer, stroke or heart attack, or as otherwise defined in the policy with the money being used to pay for medical expenses, for your mortgage, or any way you choose.

• Supplemental health insurance reimburses money paid for health care and dental expenses not covered by provincial and/or employer group health plans.

• Long-term care insurance pays out a monthly amount to cover the cost of home-care or medical care within a separate facility like a personal care home.
   

Which of these insurance options is right for your personal plan? Are you curious about them? What are the costs? To be sure, discuss your needs with a professional advisor who can prescribe the coverage that you want.

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 Terry Doran is a Financial Consultant with The Investors Group Financial Services Inc. For questions or advice on any of his articles or questions in general he can be contacted by calling (519) 336-4262 or by email terry.doran@investorsgroup.com.