Take steps to manage your financial risks.
Life insurance offers a way to replace the loss of income that occurs when someone dies. If you die while the contract is in force, the insurance company pays a specified sum of money free of income tax to the person or persons you name as beneficiaries. A good life insurance program does more than just replace the loss of income that occurs if you die. It should also provide money to cover the new costs that arise after your death.

Do I need life insurance?
Life insurance is a unique asset that is a valuable addition to your overall estate due to its potentially high yield and tax-favored benefits. Life insurance can be used for any number of reasons. Some of the most common uses are:
 

• Creating an estate
• Funding a business transfer
• Funding
• Paying off the home mortgage
• Protecting a business
• Creating a retirement fund
• Guaranteeing loans
• Equalizing inheritances

Use this Life Insurance Needs Calculator to determine what your needs are. Input your assets, income and expense and the calculator will provide a recommendation. Click the report button for complete year-by-year details.

Take steps to manage your pension

Is membership in a pension plan automatic?
Not, necessarily. If you think you may be eligible to join, contact your employer or your union representative. You may be required to fill in an application form in order to join the plan.

If a pension plan is available, do I have to join?
Most companies may require the employee to join as a condition of their employment.

What is the earliest age at which I can retire and still receive a full pension?
Each pension plan must set a normal retirement age; typically it is set at age 55, 60, 62 or 65. Some plans allow early retirement at full pension if you meet certain qualifications.

Can I keep working and contributing past normal retirement age?
Yes, if your employer permits you to do so. If you continue working, you will continue to earn pension benefits. However, your pension plan may stipulate a maximum number of years you can contribute to the plan, or a maximum pension that can be earned. Your pension payments must commence no later than the end of the calendar year in which you turn 71.