Has your life changed? Don’t forget to update your life insurance.

ChangeAnd your RSP, and your TFSA, and your RIF.

Ontario has some laws that many people would find surprising. For example, marriage automatically revokes a will, but divorce, separation and death do not; none of those will change a beneficiary designation on life insurance, etc. It would cause a great deal of turmoil if you died and left your RSP to your former spouse, rather than your current spouse or your children. If your life changes, it’s important to update your will. It is equally important to update all of your beneficiary designations.

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