{"id":14317,"date":"2024-03-18T13:56:50","date_gmt":"2024-03-18T13:56:50","guid":{"rendered":"https:\/\/silver.rbcinsurance.com\/en-ca\/?p=14317&#038;preview=true&#038;preview_id=14317"},"modified":"2024-03-18T17:34:43","modified_gmt":"2024-03-18T17:34:43","slug":"how-one-young-family-protects-their-future-with-insurance","status":"publish","type":"post","link":"https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/general-insurance\/how-one-young-family-protects-their-future-with-insurance","title":{"rendered":"How One Young Family Protects Their Future With Insurance"},"content":{"rendered":"\n<div class=\"wp-block-rbc-template-selector templateSelector template__article articleSingle\" data-template=\"article\">\n<div class=\"wp-block-group articleSingle__container tabListStickyWrapper is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero__inner is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"rbc-yoast-breadcrum-span\"><span><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/\">Home<\/a><\/span><\/span>\n\n\n\n<div class=\"wp-block-group articleSingle__featuredImage__group is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__title__group is-layout-flow wp-block-group-is-layout-flow\"><h1 class=\"wp-block-post-title\">How One Young Family Protects Their Future With Insurance<\/h1>\n\n\n<div class=\"wp-block-group articleSingle__date__group is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-post-date\"><time datetime=\"2024-03-18T13:56:50-04:00\">March 18, 2024<\/time><\/div>\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__readTime\">6 Min Read<\/span>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__author__group is-layout-flow wp-block-group-is-layout-flow\">\n<img decoding=\"async\" src=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Avatar.webp?quality=80&w=128&h=128&crop=1\" alt=\"RBC\">\n\n\n\n<div class=\"wp-block-group articleSingle__author__details is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"wp-block-rbc-html-element articleSingle__author__name\">RBC<\/span>\n\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__author__designation\"><\/span>\n<\/div>\n<\/div>\n<\/div>\n\n\n<figure class=\"articleSingle__featuredImage wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2024\/03\/Insurance-Diaries-1_EN.png?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"RBC Insurance\" style=\"object-fit:cover;\" srcset=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2024\/03\/Insurance-Diaries-1_EN.png 1025w, 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Family Protects Their Future With Insurance &#038;body=Hi, I thought you might be interested in this article from RBC Insurance: https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/general-insurance\/how-one-young-family-protects-their-future-with-insurance\" aria-label=\"Email\">\n\t\t\t\t<img decoding=\"async\" src=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n\t\t\t\talt=\"envelope icon\">\n\t\t\t\t<span>\n\t\t\t\tEmail\t\t\t\t<\/span>\n\t\t\t<\/a>\n\t\t<div class=\"social-button-wrapper sharing-copy-wrapper\">\n\t\t\t<button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/general-insurance\/how-one-young-family-protects-their-future-with-insurance\" aria-label=\"Copy URL\">\n\t\t\t<img\n\t\t\t\tsrc=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n\t\t\t\talt=\"copy icon\">\n\t\t\t<span id=\"sharing-copyUrl-Label\">\n\t\t\t\tCopy URL\t\t\t<\/span>\n\t\t\t<\/button>\n\t\t\t<input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n\t\t<\/div>\n\t<\/div>\n  \t\t<\/div>\t\n\t\t\n\n\n<div class=\"wp-block-rbc-tabs-list tabsList\" data-switch=\"lgBp\" data-target-heading=\"h2\"><p class=\"tabsList__heading\">On this page<\/p><div class=\"tabsList__wrapper\"><button class=\"selectDropdown__button\" aria-haspopup=\"listbox\" aria-expanded=\"false\"><span class=\"selectDropdown__title\">Growing up, what kinds of conversations did you have about insurance?<\/span><span class=\"selectDropdown__chevron\"><\/span><\/button><ul class=\"tabsList__items selectDropdown__list\"><li class=\"selectDropdown__list__item tabsList__item selected\"><a href=\"#h-growing-up-what-kinds-of-conversations-did-you-have-about-insurance\">Growing up, what kinds of conversations did you have about insurance?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-why-did-you-choose-critical-illness-insurance-and-term-life-insurance\">Why did you choose critical illness insurance and term life insurance?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-when-did-you-first-get-home-insurance-did-you-shop-around-and-compare-rates-and-premiums\">When did you first get home insurance? Did you shop around and compare rates and premiums?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-where-did-you-learn-about-insurance-and-what-type-of-coverage-you-needed\">Where did you learn about insurance and what type of coverage you needed?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-how-are-you-trying-to-save-on-insurance-costs\">How are you trying to save on insurance costs?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-do-you-have-financial-goals-as-a-family\">Do you have financial goals as a family?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-what-are-you-doing-now-to-help-plan-and-prepare-for-your-familys-future-well-being\">What are you doing now to help plan and prepare for your family\u2019s future well-being?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-what-concerns-do-you-have-about-your-familys-financial-future\">What concerns do you have about your family\u2019s financial future?<\/a><\/li><\/ul><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__content__main tabListHeadings is-layout-flow wp-block-group-is-layout-flow\">\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner \" style=\"border-radius:0x\">\n<div class=\"wp-block-group mar-b-hlf has-cool-white-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<p><strong>Name:<\/strong> Davindra Singh<\/p>\n\n\n\n<p><strong>Age:<\/strong> 39<\/p>\n\n\n\n<p><strong>Married:<\/strong> Yes<\/p>\n\n\n\n<p><strong>Children:<\/strong> One<\/p>\n\n\n\n<p><strong>Location:<\/strong> The GTA<\/p>\n\n\n\n<p><strong>Career: <\/strong>I work in marketing strategy for a tech company, and my partner works in health care.<\/p>\n\n\n\n<p><strong>Annual household income:<\/strong> More than $200,000<\/p>\n<\/div>\n\n\n\n<p>Davindra and Pari Singh* live in the GTA with their five-year-old daughter. When they\u2019re not socializing with friends in their backyard, they take their daughter to soccer, swimming, and gymnastics. \u201cGymnastics is her favourite,\u201d says Davindra.<\/p>\n\n\n\n<p>Growing up in India, Davindra would often talk about insurance with his family, but policies in Canada can look different. Luckily, a family member who\u2019s an insurance broker helped Pari and Davindra choose. But life as young parents has changed somewhat now. Though the family\u2019s main focus is keeping up with interest rates and paying down debt, Davindra thinks it\u2019s probably time to revisit the family\u2019s policies.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-expenses\"><a><\/a>Expenses<\/h2>\n\n\n\n<p><strong>Mortgage:<\/strong> We have two properties: a house and a condo. The total mortgage on both is $1.6 million. We pay $4,100 a month for our house and we charge $3,100 a month in rent for the condo, but because of the increase in the interest rate, we\u2019re actually losing money on the condo.<\/p>\n\n\n\n<p><strong>Childcare:<\/strong> Our daughter goes to aftercare, so that\u2019s about $400 a month.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-other-monthly-expenses\"><a><\/a>Other monthly expenses<\/h2>\n\n\n\n<p><strong>Food, which includes takeout and eating out:<\/strong> $1,400 a month<\/p>\n\n\n\n<p><strong>Entertainment:<\/strong> I have subscriptions to YouTube Premium, Disney, Netflix, and IPTV, so that\u2019s $70 a month.<\/p>\n\n\n\n<p><strong>Phone and internet:<\/strong> $280 a month.<\/p>\n\n\n\n<p><strong>Transportation:<\/strong> I own my car, so I don\u2019t have any car payments, but I pay about $180 a month in insurance. I\u2019m not driving to work full time, so I\u2019m paying about $120 in gas a month.<\/p>\n\n\n\n<p><strong>Savings:<\/strong> My wife and I both contribute to our work RRSPs, because our employers match our contributions. We have just under $150,000 in total.<\/p>\n\n\n\n<p><strong>Insurance:<\/strong> We have home insurance and car insurance, a term life policy, and critical illness coverage.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-growing-up-what-kinds-of-conversations-did-you-have-about-insurance\">Growing up, what kinds of conversations did you have about insurance?<\/h2>\n\n\n\n<p>We always had insurance discussions at home, back in India. So words such as <em>insurance and premium<\/em> were pretty familiar.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-did-you-choose-critical-illness-insurance-and-term-life-insurance\">Why did you choose critical illness insurance and term life insurance?<\/h2>\n\n\n\n<p>We got the term life insurance policy, which suited our budget when we were younger. It\u2019s a 20-year policy, and we\u2019ve paid about 10 years.<\/p>\n\n\n\n<p>It seemed like the best product, because the other option was three times more expensive per month, which was a no-go at the time. We never regretted it, but we\u2019ve also never revisited it, even after having our daughter.<\/p>\n\n\n\n<p>The thought was that, if we ever needed it, the insurance would pay off the mortgage on the first house. That\u2019s probably unlikely now with interest rates. However, when we bought the policy at age 30, the assumption was that we would have investments and assets outside of the insurance policy, which we now have with the condo. If something were to happen, we could sell that, and it would bring a windfall.<\/p>\n\n\n\n<p>We knew it was important to get critical illness insurance because we thought that, if we got sick or badly injured, we would get this lump sum of money to pay our bills, even if we weren\u2019t working.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-when-did-you-first-get-home-insurance-did-you-shop-around-and-compare-rates-and-premiums\">When did you first get home insurance? Did you shop around and compare rates and premiums?<\/h2>\n\n\n\n<p>It was when we bought our first home in 2014. We didn\u2019t shop around. We worked with our insurance broker, who said this was the best price and product. We trust them, so we got it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-where-did-you-learn-about-insurance-and-what-type-of-coverage-you-needed\">Where did you learn about insurance and what type of coverage you needed?<\/h2>\n\n\n\n<p>Our insurance broker, who happens to be family, came in when we bought our first house and suggested we get home insurance, so we went ahead and got the policy.<\/p>\n\n\n\n<p>Since then, a lot has changed. Our income has increased due to promotions and new jobs. So have our housing costs, but we haven\u2019t changed our insurance policy. We probably need to rejig it, considering our debt levels have changed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-are-you-trying-to-save-on-insurance-costs\">How are you trying to save on insurance costs?<\/h2>\n\n\n\n<p>We worked with our insurance broker, but, other than that, we haven\u2019t really looked into bundling different policies.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-do-you-have-financial-goals-as-a-family\">Do you have financial goals as a family?<\/h2>\n\n\n\n<p>We want to pay off our mortgages, save for retirement, and make sure we\u2019re all comfortable. Right now, we spend a lot of time at home with friends. We do travel, doing one trip a year. We\u2019re currently travelling in Canada, because international travel is expensive.<\/p>\n\n\n\n<p>Our last trip was to Nova Scotia and Prince Edward Island. We stopped in Halifax. For our next trip, we want to go to the West Coast and Alberta. The good thing is, you can stay within Canada and use your local currency.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-you-doing-now-to-help-plan-and-prepare-for-your-familys-future-well-being\">What are you doing now to help plan and prepare for your family\u2019s future well-being?<\/h2>\n\n\n\n<p>We\u2019re going to continue contributing to our RRSPs. Starting an RESP has been on the radar for a while, but we\u2019ve put that one aside temporarily, because we\u2019re trying to stay on top of interest rates.<\/p>\n\n\n\n<p>Our rental property is also part of our long-term plan to save for our daughter\u2019s education.<\/p>\n\n\n\n<p>We don\u2019t know when we\u2019ll retire. The long-term plan is to downsize. In 30 years, we probably won\u2019t need this big of a house and probably won\u2019t need to live in the city. We\u2019ll sell the house, so that when we\u2019re 70, we\u2019ll have those funds, plus the money we\u2019re putting into our work RRSPs and whatever savings we have.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-concerns-do-you-have-about-your-familys-financial-future\">What concerns do you have about your family\u2019s financial future?<\/h2>\n\n\n\n<p>The number one thing on our minds is, we want to be comfortable. We want to find a balance between \u201cHey, live your life in the present as much as you can and save enough for the future as well.\u201d We want to have the freedom to choose what we want to do and own, without having to meticulously plan our budget and cut back.<\/p>\n\n\n\n<p>If we\u2019re dreaming big, we love the East Coast. It wouldn\u2019t be a terrible idea to retire there.<\/p>\n\n\n\n<p><em>*Names have been changed.<\/em><\/p>\n\n\n\n<div class=\"wp-block-rbc-section-inner-block  section-inner block-wpr bg-light-blue rounded-corners pos-rel pad-l pad-r mob-pad-r centered-block mob-pad-l pad-t mob-pad-t pad-b mob-pad-b\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-text-align-center mar-t mar-b-hlf mob-mar-b-hlf mob-mar-t\" id=\"h-rbc-insurance\">RBC Insurance<\/h2>\n\n\n\n<p class=\"has-text-align-center\">We make it easy to find expert advice, money-saving tips, and a range of insurance options for every moment of life.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button has-custom-font-size aligncenter btn is-style-primary primary has-text-lg-font-size\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/personal\/\" rel=\"noreferrer noopener\" data-dig-id=\"LP-11775-476a44f4\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Learn More-https:\/\/silver.rbcinsurance.com\/en-ca\/personal\/ \">Learn More<\/a><\/div>\n<\/div><\/div>\n<\/div>\n\n\n\t<style type=\"text\/css\">\n\t\t.wp-block-tk-spacer.id-c81d7be5-7d1d-4b89-a412-422a984c73bb {\n\t\theight: 30px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-c81d7be5-7d1d-4b89-a412-422a984c73bb {\n\t\t\theight: 15px;\n\t\t}\n\t}\t<\/style>\n\t<div class=\"wp-block-tk-spacer id-c81d7be5-7d1d-4b89-a412-422a984c73bb\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse2de7ba0a\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse2de7ba0a\" data-dig-id=\"LP-HomeInsurance-14506-2de7ba0a\" data-dig-category=\"LP-HomeInsurance\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things Our Lawyers Want You to Know\"><div>Things Our Lawyers Want You to Know<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse2de7ba0a\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p class=\"has-text-sm-font-size\">*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.<\/p>\n\n\n\n<p class=\"has-text-sm-font-size\">This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\n<div style=\"height:31px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Whether you\u2019re protecting your family or planning your legacy, insurance is a must. In this series, we ask Canadians how they found the coverage that\u2019s right for them.<\/p>\n","protected":false},"author":80,"featured_media":14321,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"templates\/new-rbci-design.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[44],"tags":[21,25],"article-type":[80],"ppma_author":[],"class_list":["post-14317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-insurance","tag-managing-money","tag-wealth-management","article-type-advice-learning"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How One Young Family Protects Their Future With Insurance<\/title>\n<meta name=\"description\" content=\"Whether you\u2019re protecting your family or planning your legacy, insurance is a must. 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