Ideally your estate plan will start to take shape as you begin to accumulate assets.  In this stage of life your objective may be to provide financial security for your family in the event of a sudden and unexpected change of circumstances – incapacitation or death.  To this end, you may wish to consider the important role played by insurance in your overall estate plan.

Insurance arrangements may include life insurance, critical illness insurance, disability insurance, and key man insurance.

The amount of life insurance may be tied to a certain liability such as an outstanding mortgage or the capital gain tax liability that may arise on death.

In the event of a serious illness critical illness insurance may go beyond health coverage and provide you with financial protection during your recovery and rehabilitation period.  Disability insurance may provide you with additional benefits should you not re-enter the workforce.

Key man insurance may provide the business owner the comfort in knowing that his or her estate will have the cash to pay the tax liability arising death in respect of the deemed sale of private company shares. 

Your estate plan is an ever changing arrangement.  If not already considered then you may wish to revisit your estate plan with a view to including insurance as way of achieving your objective.