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Skill Building:
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.
Skill Building:
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