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How an increase in income affects your insurance needs

A message from Credential Financial Strategies Inc.
 
Major life events bring changes that often call for a review of your financial plan. When your income increases, you're about to borrow for a new home or car, move to a new job, enter a marriage or your family grows, there's more on your mind than your insurance coverage. However, when meaningful change happens, it's a sure sign to look over your insurance strategy and make sure it fits in your overall financial plan.
 
It's understandable that when we think of life insurance, we may think about the negatives associated with insurance, such as the loss of a loved one. However, there is a positive side to insurance – you are buying peace of mind and protection for your family and loved ones. Imagine your spouse having to make mortgage payments, pay living expenses, put your children through school and prepare for retirement when the earnings expected from your career are cut short. Having the right type and amount of insurance will ensure that life continues without major sacrifices and struggle for your family. Insurance can be thought of as financial protection for dependents. It can replace the income that your family will lose if you were to die unexpectedly, become critically ill or were disabled and unable to continue working. With the right amount of insurance, you're making sure that the money you intend to earn in your working life will be there for your spouse or family to use.
 
There are many different ways to meet your insurance needs. Credential Financial Strategies can help in specific areas, such as with life, disability, and critical illness insurance products. Call Credential Financial Strategies today at 204.346.9255 in Steinbach or 204.928.8026 in Winnipeg for a no-cost, no-obligation appointment.
 
Credential Financial Strategies Inc. is a member company under Aviso Wealth, offering financial planning, life insurance and investments to members of credit unions and their communities. Your insurance contract will provide details of the coverage available under the plan you choose. Restrictions may apply. ®Credential is a registered mark owned by Aviso Wealth and is used under license.
 

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