Insurance and estate planning for parents

Review your family’s insurance coverage

Review your insurance coverage to make sure your family could manage financially if something happens to you or your spouse or partner.

Think about how much insurance you would need to:

  • cover your mortgage payments or pay off your mortgage
  • repay your debts
  • pay for your children’s education
  • pay for child care costs

Consider whether you have enough disability insurance to pay your bills if you're temporarily unable to work due to an injury or illness.

If you have insurance coverage through your employer, check the amount. Before you take maternity or parental leave, ask your employer if the coverage will continue while you’re on leave.

Private insurance for families

Consider getting private coverage through your employer if you don’t have any insurance or enough insurance. You may want to apply for insurance before you get pregnant. If you wait until you’re pregnant, you may not be eligible for certain types of insurance products such as individual life, health or disability insurance.

Remember to review your insurance needs regularly. You may be able to reduce the amount of your coverage once your children no longer need child care or as you pay down more of your mortgage.

Determine your insurance needs.

Make a will and plan your estate for your family

A will is a legal document that says how you want your estate divided once you die or who will care for your minor dependants. Your estate includes assets, or what you own, and liabilities, or what you owe.

An up-to-date will can help your estate representative, or executor, deal with your estate when you die.

If you don't have a will, the courts will decide who will:

  • handle your finances if you’re sick and unable to manage your finances
  • handle your financial affairs after your death
  • become the guardian of your children or look after them until they’re old enough to take care of themselves

Talk to a legal professional for help with planning your estate. Discuss your plans with those closest to you, particularly with the guardian you choose to take care of your children.

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