Planning Ahead for “What-Ifs”: Illness, Injury, or Death
Planning allows you to explore the “what-ifs” and sort out the details ahead of time. Everyone benefits when there is a plan, particularly PSP families who deal with both risk and uncertainty. Knowing what to do builds self-confidence and can reduce negative impacts. Planning and being prepared reassures couples and families that they will be able manage the consequences of illness/injury/death should it occur.
Things to consider…
- Finding out what kind of coverage PSP family members have from the organization and personal insurance (e.g., disability benefits, critical illness benefits, death benefits).
- Discussing who would provide care if the PSP were injured on the job.
- Thinking about the changes that might be needed to manage childcare and household tasks.
- Seeking consultation from a lawyer or other professionals for additional information and help with planning.
- Having a discussion about who handles payments, banking, and other household accounts.
- Knowing how to access these accounts if one partner has to suddenly take over all of the finances.
References for this page (click to expand)
Financial Consumer Agency of Canada. (2017, April 28). 11.4 Estate planning. https://www.canada.ca/en/financial-consumer-agency/services/financial-toolkit/financial-planning/financial-planning-4.html