Barbra Hopkins

Your Insurance Policy

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Barbra Hopkins is passionate about helping people achieve their dreams while protecting the ones they love. She is very aware of the challenges we face putting together a plan to ensure financial security throughout the various stages of our lives. Born and raised in Victoria, Barb has lived on Vancouver Island all her life except for 4 years spent in Australia working in the wine industry. She is licensed through the Insurance Council of British Columbia and specializes in Life, Accident and Health Insurance. Barb holds designations of Certified Senior Advisor (CSA) and Certified Health Specialist (CHS), and is a CARP recommended advisor.

 

I urge all my clients to carefully consider who owns (and controls) their insurance policies.

Especially in a divorce situation, this can be a very touchy subject. Most divorce settlements include some sort of requirement for the male person to retain some life insurance, especially if there are children involved. The tricky part is to make sure this remains in place, as insurance policies are valid only as long as premium obligations are met. Let me tell you a story to illustrate my point.

I have a client who has a 9 and 11 year old. When she separated from her spouse, part of their agreement was that he was to maintain his life insurance policy and she was to be the named beneficiary. He passed away recently and, lo and behold, he had let his insurance policy lapse. So now she does not have support payments and there was no life insurance to provide for the children.

The solution is simple: women need to be the owners of the policy that insures the ex-spouse. They then have control over what happens to that policy and, as long as they make the premium payments, the policy will stay in force. They also control who is named as beneficiary and any decisions around the policy going forward. (Imagine your surprise if you find out that the insurance is intact but he changed the beneficiary to the new girlfriend).

All insurance policies to protect your family should contain contingent beneficiaries and owners. If there are children involved, they should be named as contingent beneficiaries with a named trustee. A contingent owner ensures the policy can go forward to protect the children should something happen to you.

Divorce or separation is a very emotional time for all. Adding the fact that you need to have the “what if” conversation only compounds the stress and often results in a conversation that is not deep enough. I urge you to have your financial advisor go over your policies and ensure that you are in control and prepared for the “what if” scenarios. Now, more than ever, you need the peace of mind of financial security.

 

Barbra Hopkins CPCA,CHS
 CARP Recommended Financial Advisor, Sun Life Financial
3962 Borden St. Suite 101, Victoria, B.C. V8P 3H8
Tel: 250-385-1471 ext 2259, Cell: 1-250-715-5349
Home: 250-743-8600, Fax: 250-380-6011
E-Mail: barb.hopkins@sunlife.com
Visit Barb’s website

 

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