Divorce and life insurance: How to make sure your family stays protected + MORE Feb 7th

Jay and Susan (not their real names) spent 15 years building a life together. They bought a house, adopted a dog and started a family—their two kids are the light of their lives. But due to a variety of reasons, they decided that they’d be better people, and better parents, separately rather than as a married couple. Divorce is a life-changing event that brings with it a lot of uncertainties and challenges, including financial ones.

According to Statistics Canada, the average length of a marriage in Canada that ends in divorce is 15 years, and the average age at divorce is about 46 years old. As individuals in this situation re-evaluate their lives and finances, they’ll need to think about many aspects of personal finance, including but not limited to:

Assets like cash, property, vehicles and other belongings

Upcoming payments, such as bills, debts, housing and education costs

Financial instruments, such as bank accounts and investments

Custody of children

Custody of pets

These items tend to dominate divorce discussions…

What says I’m committed to you and love you more than including someone in your will and estate plan? First, a will specifies how your assets will be distributed after you pass away, while an estate plan encompasses a broader set of tools and strategies (such as tax planning, financial planning, etc.) to ensure the smooth transfer of assets after your death. These two items, together, are a unique way to declare love this Valentine’s Day and Heart Month (for cardiovascular health awareness). Sure, it might not be the most traditional expression of affection, but let’s explore three compelling reasons why a will and estate plan are the ultimate act of love for your family.

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1.  The gift of security

Love also means security. Yet, surprisingly, half of Canadians don’t have a will, according to a 2023 Angus Reid poll. Having a one is gifting family a safety net—a well-defined plan can guide loved ones through the financial complexities that often accompany the loss of a family member…