Whether you're in the asset accumulation phase or you already have a substantial portfolio, the financial impacts of death, critical illness or disability could compromise your financial security.
Desjardins Financial Security has launched a new interactive Web tool that can be used to assess your overall financial situation. It's called the Financial Security Pyramid and by asking you a few short questions, it will help you see how your financial security stacks up.
The Financial Security Pyramid includes four main components:
- Your financial foundation (repayment of debts, emergency fund, etc.).
- The types of protection you have for maintaining your family's standard of living and protecting your assets in case of unexpected events like death, disability or critical illness.
- Your various types of investments that will enable you to achieve your plans, provided they are supported by a solid base.
- The growth or stability of your financial situation: your goal at the top of the pyramid.
Some advice along the way
With the use of animation, the pyramid is gradually built as you answer the questions. If need be, you can get more details about certain items. For instance, the Protection component includes examples of the financial impacts of death (funeral costs, capital gains tax, etc.) to emphasize the importance of protecting your assets in case of such unexpected events.
Bits of advice are provided as you complete each component. For example, if you're paying off your debts or don't have any debts, if you have an emergency fund and some basic savings, and if you've made a will and a mandate in case of incapacity, you'll be told that your financial situation rests on a solid foundation.
A meeting with a financial security advisor
The process ends with some general advice reminding you of the importance of the Protection component of your pyramid: are you sure it's strong enough to protect your assets? A meeting with a financial security advisor will help you determine if your protection still meets your needs.
Initially designed for Desjardins caisse members, the pyramid makes it easy to set up a meeting with a financial security advisor from Desjardins Financial Security by dialling 1-888-838-7661 or completing the form provided.
Questions? Comments?