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Réseau FADOQ est le plus important regroupement de personnes de 50 ans et plus de la province et la référence en matière de qualité de vie des aînés québécois. En savoir plus

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It is the largest group of people aged 50 and over in the province and the benchmark for the quality of life of Quebec seniors. More info

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Pour connaître les produits et les offres dans votre région, veuillez indiquer votre secteur.

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Close X

Réseau FADOQ est le plus important regroupement de personnes de 50 ans et plus de la province et la référence en matière de qualité de vie des aînés québécois. En savoir plus

Pour connaître les produits et les offres dans votre région, veuillez indiquer votre langue et votre secteur.

It is the largest group of people aged 50 and over in the province and the benchmark for the quality of life of Quebec seniors. More info

To find out about products and offers in your area, please indicate your language and sector.

Pour connaître les produits et les offres dans votre région, veuillez indiquer votre secteur.

To know the products and offers in your region, please indicate your sector.

Choisissez votre langue|Choose your language

Choisissez votre région|Choose your region

ou|or Trouver ma région par code postal|Find your region by postal code

Trouver ma région par code postal|Find your region by postal code

ou|or Choisissez votre région|Select your region in a list

Désolé, aucune région n'a été trouvée pour le code postal demandé. Veuillez essayer avec un autre code postal ou faire le choix de votre région manuellement.|Sorry, no region was found for the requested postal code. Please try with a different postal code or choose your region manually.

Did you know ?

Life insurance and couples: the importance of protecting yourself!

This article is a courtesy of our partner SSQ Insurance.

If you or your significant other were to die, would your surviving spouse be well protected?  It may be time to re-evaluate your situation from this perspective with an advisor.  You can look at your current coverage and see if it’s really enough for your family’s needs!

Estate planning: a must

Upon the death of a spouse, the surviving spouse usually has less income.  This is because pensions decrease or cease completely, such as the case with the Old Age Security pension, which stops the month following the death.

Depending on his or her situation, the surviving spouse may not have enough money in the absence of the deceased’s income: not having to pay the deceased’s personal expenses will not compensate for the amounts not received.  However, the expenses related to funeral expenses, taxes and other obligations (payment of credit cards, mortgage or rent, a child’s education, etc.) must be carefully evaluated.  All of these expenses require estate planning – a process that tends to be postponed when everything is going well!

A good strategy, based on projections and scenarios, often includes life insurance.

Among other things, this type of coverage can make up for the lack of cash.  Otherwise, the estate may find itself in a situation where it has to quickly dispose of assets (for example, sell a family property) to pay creditors.

How to calculate the required income

Specialists estimate that to maintain their standard of living, the surviving spouse needs 80% of the overall cost of living prior to death.

Other general measures are used: to maintain his or her standard of living, the surviving spouse must rely on an income of between 60% and 70% of the total family income.  This formula works in most situations – but with a modest or very high family income, the percentage must be adjusted.

Beyond estimates, nothing beats a budget and personalized planning. And while each case is different, one constant remains: the loss of a loved one should not lead to a reduced standard of living!

Types of insurance and duration of coverage

Insurance products abound on the market and are sometimes complex.  At this stage, an advisor can explain the coverage available and help you make the right choices.

Here are two of the elements to consider:

Type of coverage: temporary or permanent

  • The type of protection should be based on the ability to pay, but also on the needs to be met. The idea behind it?  Cover temporary needs with term insurance and permanent needs with a permanent product.
  • Temporary coverage can maintain a family income at a reasonable cost.  They are very useful for certain purposes: one of them could end, for example, when a couple’s mortgage is paid off.
  • The needs of permanent insurance products, on the other hand, often correspond to the expenses related to death and the desire to leave money as an inheritance.

The Role 

  • Life insurance plays several roles.  Payable on the first death, it can protect the capital of a surviving spouse; payable on the second death, the coverage is intended for the other beneficiaries – the children of a couple, for example.
  • Since the amount of insurance paid upon death is tax-free, some people use it afterwards to invest or as financial leverage.

What about your situation?

Depending on their finances and goals, each couple has its own challenges.  Yours does too!  To get the right perspective, ask an advisor for help. This specialist will help you calculate whether you and your spouse are protected enough so that the surviving spouse has enough income (for life).  If not, you can work together to develop a strategy to deal with the situation.

Once this is done, and death scenarios are behind you, you and your loved will be free to enjoy your time together!

Regardless of your insurer, it is recommended that you analyze your situation with an advisor.  To consult an SSQ Insurance advisor, call 1-866-225-5050.

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Note: This blog post is provided for information purposes only. It is not a substitute for professional legal, financial or fiscal advice. For advice specific to your personal situation, always speak with your advisor. SSQ, Life Insurance Company Inc. cannot be held responsible for any decision made as a result of reading this blog post.

Life, health and accident insurance, and investment and retirement products are offered by SSQ Insurance and are distributed by the financial security advisors of SSQ Financial Services Firm, a subsidiary of SSQ Insurance.

Source: SSQ Insurance