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Are You Prepared For An Emergency?

Here are four tips to help you prepare for an emergency.

Make A Plan

It’s vital that your family has a plan in case of an emergency, and just as important that everyone knows what it is. Here are some common elements of a good emergency plan:

  • Fire exits and meeting places
    Ensure that everyone knows how to get out and where to go in an emergency.
  • An emergency kit
    At the bare minimum, an emergency kit should have first aid supplies, some purified water and non-perishable food. Learn how to build your kit.
  • Medications and health information
    Keep a list of medications, relevant health information and local pharmacies handy. If possible, consider allocating a supply of medication to your emergency kit.
  • Contact information
    Have a list of emergency contacts handy with information of family members, your family doctor and your insurance company.

Get Your Insurance Coverage In Order

Depending on your employment situation, you might already have some coverage through work, but without additional insurance, you’ll most likely have gaps. As your life changes, whether that’s because you have kids or buy a car, your insurance needs will change, too.

The best way to make sure you’re protected is by meeting with an insurance advisor. They can discuss your needs with you and help fill any gaps. By meeting with an insurance advisor regularly, you can be sure you have the protection you need.

Book a check-in with an RBC Insurance advisor.

It’s also worth considering having your financial and estate plan regularly updated. Insurance is crucial to keep your family protected if the worst happens. A comprehensive financial and estate plan, including a will, can make sure that your wishes are respected,
and your family is cared for.

Keep Your Documents Safe

In the event of an emergency, you’ll want to know your most important documents are safe and easily retrievable. Here are some documents you may want to have in order:

  • Passports, Birth Certificates, Marriage Certificates, Wills, Property Deeds/Ownership Forms
  • Financial Accounts Info, Tax Returns (last 6 years), SIN Cards
  • Insurance Policies
  • Medical Records
  • Irreplaceable Personal Documents

Learn more about storing your important documents.

Stay Informed

You’ll want to keep yourself up to date on what’s happening in your community. Consider including a mobile battery pack or crank-operated radio in your emergency kit, as well as a charging cord for your mobile device. That way you won’t be disconnected if you lose power.

Ensure that the social media and news you consult is from a trusted source. Not everything you read on the internet is reliable, and emergency situations can be made worse by misinformation and hysteria.

That said, there are more than enough trustworthy news sources that can be accessed online, over the radio or by phone. You could even consider listing these sources on your emergency contact list to remind yourself. A little bit of preparation can go a long way to help make sure that you and your family are well prepared, no matter what happens.

 

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*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.

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.

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1. Ask Your HR Manager About Your Group Benefits

If you have specific questions about your employer’s benefits package, your HR manager is a great resource. You can ask them to send you an overview, so you know what benefits you and your family are entitled to. You can also ask about whether the coverage extends to your spouse and/or dependents.

2. Book an Appointment With An Insurance Advisor

If you have an existing relationship with an insurance advisor, taking this step today is the best way to ensure your coverage is on track. While the appointment itself will take somewhere between 20 minutes to an hour, in the end you can save yourself time, not to mention money and heartache, if your coverage is properly set up.

If you don’t have an advisor, book a check-in. You’ll be matched with an advisor according to your needs, and your first appointment will only be about 10-20 minutes to get to know each other.

3. Make A List of Anything That’s Changed Since Your Last Check-in

Have you had kids? Did you buy a house? A car? Did you get married? Divorced?

Whenever your life situation changes, it’s a good idea to do an insurance check-in to make sure your family and your assets are protected. You can then use this list to discuss any updates you might need to make to your coverage with an advisor.

Making sure you’re covered doesn’t have to take all day. By taking one of these three quick steps, you’ll be ahead of the game in no time.

If you’re ever in doubt, it’s always a good idea to check in with an insurance advisor.

Book a check-in and we can help you get the coverage you need.

RBC Insurance

We make it easy to find expert advice, money-saving tips, and a range of insurance options for every moment of life.

*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.

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.

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When it comes to insurance, everyone’s needs are different and those needs change as we age. That’s why it’s so important to have professional guidance that can help you make sense of how best to protect you and your family.

The good news is that we can help you from the comfort of your home.

The first step is to request an appointment, which can be done here.

Once the appointment request form is completed, you’ll be matched with an advisor, according to your location and insurance needs.

Next, your advisor will contact you over the phone or by e-mail to set up your first meeting. Usually, that initial conversation is over the phone, although you can request a video call, if you prefer.

There are a few important steps you’ll want to take before your meeting. To make it easy, we’ve put together a helpful checklist that you can use to get ready. It’s designed to help you do your research before the meeting and to guide the conversation itself.

Find our Check-in Checklist here.

Whether you might have an idea of what you want to protect, or no idea at all, talking to an advisor is the first step.

In your first meeting, your advisor will want to get to know you so they can develop a personalized plan that best suits your needs. The advisor will provide information, guidance and advice, so you’ll have what you need to make an informed decision about how to protect yourself and your family, without feeling obligated to purchase. It’s always a good time to think about how you can protect yourself and your family.

Book your appointment with an RBC Insurance advisor today.

RBC Insurance

We make it easy to find expert advice, money-saving tips, and a range of insurance options for every moment of life.

*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.

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.

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Booking Your Appointment

  • You can book an appointment to meet online or in-person
  • Be sure to set aside enough time for the conversation. If it’s your first meeting, you’ll want a half hour, at least.
  • Have your partner attend the meeting as it may be helpful for them to join.

Gather Your Important Documents

If possible, it can be helpful to have information on hand that can give the advisor a better sense of your situation and needs. Documents that could be useful include:

  • Existing insurance policies
  • Insurance coverage through work
  • Investments
  • Current debt (e.g. credit cards, mortgages, loans, etc.)

For helpful information on storing your documents, check out this article.

Review Some Introductory Resources

Whether you know exactly what protection you need or aren’t quite sure, there are some great introductory resources you can use to familiarize yourself before the call.

Prepare Your Questions

Your first call with an insurance advisor is for you to get to know each other so that you can feel more comfortable. You can use some of the questions below to gather some more information.

  • What services does the advisor provide?
  • What is your experience?
  • Who are your typical clients?
  • How will we work together?
  • What are your fees? How do you get paid?

Consider Your Goals

In your first meeting with an insurance advisor, they’ll want to get a sense of your needs and goals. It’s best to do some thinking ahead of time about your situation so you’re prepared.

  • How would my family be supported if I wasn’t around?
  • If I got sick or hurt and couldn’t work, how would I support myself and my family?
  • What is my current financial situation?
  • How will my family change in the future? Will it grow? Will my children become more independent? What then?
  • How much can I afford to spend, to protect what I have?

Commit to the Process and Know That We’re Here for You!

It’s important to realize that insurance planning is an ongoing process, not a simple transaction. It’s always a good idea to check-in annually to make sure you have enough coverage. And if you ever have a question, just ask! RBC Insurance advisors help people every day who are brand new to the world of insurance. Remember, we’re here to help you get it!

RBC Insurance advisors are here to help you learn and provide the information you need to feel confident in your decisions, without feeling obligated to purchase from us. We want to get to know you and your family so that we can best help you protect what’s important. With the help of this checklist, you’ll be prepared to get the most out of your next meeting with an advisor.

At RBC Insurance, we’re here to make sure you’re not alone in your quest for the right protection.

Book your appointment with an RBC Insurance advisor today.

RBC Insurance

We make it easy to find expert advice, money-saving tips, and a range of insurance options for every moment of life.

*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.

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.

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Meghan Parkinson bought her first car right after she graduated from college. It was a hefty purchase, but one that allowed her more independence to get to work, run errands and anything else that came up. At the time, Meghan (now 24) was feeling the post-grad financial burden in more ways than one. Student loans, rent and groceries were her biggest expenses, not to mention additional costs such as her cell phone plan and TV subscriptions.

“When I bought my car, I was pretty much drained money-wise,” she says, adding that she paid for the car outright, thanks to savings from various part-time jobs. Meghan says, while buying a car might feel like a glamorous purchase, the insurance that comes with it is anything but. Still, she knew it was important to find coverage that worked for her.

What the Experts Say

“I think I put in a lot more time researching car insurance than most people my age,” she said. “I researched insurance companies online and I talked to them on the phone. My main concern was which company was going to have the best deal for the most coverage options.”

Many young drivers are added to their parents’ car insurance policy as a “secondary” or “occasional” driver when they first get their license. Adam Mamdani, Vice President of Field Sales at RBC Insurance, says it’s helpful to begin building a track record as early as possible, and this is a good way to do so.

“If you are insured on your parents’ policy as an occasional driver, you can save money, you’ll gain experience and you’ll build a history,” he says. “But when you’re ready to buy your own car, your insurance will most likely look different because you don’t have the same years of experience that your parents had.”

It’s important to understand some of the factors that go into determining your car insurance premium, and your driving record is one of them. Mamdani says insurance companies will quote a price based on factors such as but not limited to your driving record, type of vehicle and gaps in insurance coverage.

Sometimes your gut instinct is to be removed from your parents’ policy when you’re away at school so that you don’t have to pitch in any extra money. It can save you more money in the long run by staying on and having continuous years of driving experience. You’ll appreciate this when it’s time for you to get your own policy.

Choosing the Right Coverage for You

Meghan opted for an insurance plan with “all-in” coverage, which includes collision and comprehensive coverage. Collision protects her car if it’s damaged in an accident, and comprehensive provides coverage against incidents such as theft, vandalism, weather damage and more. Her policy also includes accident forgiveness, which means her driving record will be protected if she had an at-fault accident.

The terminology alone can make car insurance shopping overwhelming, but Mamdani says a good way to start is by looking at mandatory coverages:

  • Liability — financial protection if you injure someone or damage property.
  • Property damage — covers you for damage to your car if you are not at fault in an accident.
  • Accident Benefits – provides coverage to you if you are injured in an accident or to your spouse, partner or dependent children if you pass away in an accident.

He says popular insurance add-ons include:

  • Collision coverage, which protects your vehicle if it’s damaged in an accident.
  • Comprehensive coverage provides coverage for your car in the event of theft, vandalism, fire, falling objects and other incidents.

Other optional add-ons could be coverage of loss, damage or theft of a non-owned vehicle, like a rental, and a waiver of depreciation, which guarantees that no depreciation will be applied to a vehicle that is less than two years old.

Regardless of which plan and add-ons you choose, Mamdani says the best way to save money is to have a clean driving record with no convictions or at-fault accidents, and to pay your bill on time, every time.

Some car insurance rules can vary by province so be sure to get advice from a Licensed Insurance Advisor.

Click to learn more about car insurance.

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*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.

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.

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Every 20 minutes, the family of a sick child arrives on the doorstep of one of Canada’s 15 Ronald McDonald Houses, according to the RMHC website. Since 1981, the organization has been offering lodging, meals and emotional support to families enduring pediatric hospitalizations.

For RMHC and other Canadian charities, adapting to the economic and societal shifts brought on by the COVID-19 pandemic has been challenging. Despite the challenges, many continue to adapt to what RMHC CEO Cathy Loblaw calls “a new world order.”

“We really had to stop, pause, think and figure out how to respond to the community needs, the hospital needs and the family needs simultaneously,” she says.

A 2020 survey by Imagine Canada measuring the impact of Coronavirus shows that 49 percent of organizations in the charity sector reported difficulty engaging volunteers, and 73 percent reported a drop in donations following the onset of the pandemic. Loblaw describes the arrival of COVID-19 as a time of rapid change and rapid growth at RMHC.

As Canadian charities continue to adapt to the changing world, so, too, can their supporters. There are several ways you can still contribute to your favorite charity, from a distance.

Fundraising and Public Safety

According to Imagine Canada, charities’ events-based fundraising revenue has dropped 72 percent in response to the pandemic.

“The largest part of our operating budget and funding comes from fundraising events,” says Loblaw, noting that such RMHC events have been cancelled in the interest of public safety.

While charity golf tournaments and events might be on hold, many other fundraising efforts have gone virtual. From auctions to black tie affairs, organizers and participants can stay connected online and contribute to a worthy cause.

Donating Where Possible

Volunteer-driven groups like RMHC may not be able to resume in-person programs anytime soon, but personal donations — even small contributions — can make a difference right now. Several charities accept financial gifts directly online, and if you’re an RBC cardholder you can choose to donate your rewards points to a group in need.

Creating Awareness Still Helps

Loblaw acknowledges that with many Canadians feeling the financial effects of the pandemic, monetary contributions might not be possible; creating awareness, however, may be. Sharing social campaigns, such as RMHC’s #givingtuesday initiative — a fundraising effort honoring the 387,000 families the organization has served since its inception — can be an effective, cost-free way to broaden the reach of your favorite organization.

Corporate Giving

Whether through leveraging marketing channels, encouraging employee donations, sponsoring or participating in a virtual event, or collecting wish-list items for local organizations, giving back together may strengthen your team and your community. Loblaw points to RMHC’s “deeply embedded partners like RBC Insurance” as critical sources of support.

We’re all adapting to new ways of doing things these days, including our charitable giving. If you are looking to support a charity or foundation that’s close to your heart, start by going to their website to find out how you can donate, or support through a new digital experience.

*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.

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.

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Two central aspects of budgeting are prioritization and the ability to be fluid. You prioritize how you spend your money so that it goes towards the things that are essential for your lifestyle and will help you achieve your goals. If your financial situation ever changes, fluidity is important so that you can re-budget and reprioritize based on your new reality. Findings from the 2019 Canadian Financial Capability Survey show that about half of Canadians (49 per cent) use a budget to manage their money.

Set a Goal

Setting a budget can be beneficial, but creating one might not always feel compelling. It’s good to have a goal in mind when you create a budget so you’re more likely to stick to it.

Goals may include:

  • Paying down debt
  • Managing money inflow and outflow so you don’t have to live paycheque to paycheque
  • Saving for a large purchase like a home or car
  • Saving for a trip
  • Increasing disposable income for savings or investments

Getting Started

Calculate your monthly income and monthly expenses. In order to use more accurate numbers for this calculation, try to track everything you spend for one to two months. Remember to include things like your morning coffee, take out dinners and entertainment. This will give you a good idea of where your money goes. Tracking every single purchase might be difficult to do if this is new for you. See if your bank offers a service that tracks your spending, like the RBC NOMI app. Be extra mindful of the cash purchases you make and don’t forget to track them in a spreadsheet, a note in your phone or by using an app. There are apps available like Mint or Pocketguard, but do your research first to find one you’re comfortable using.

Once you have these results, compare what you make after taxes each month to what you spend.

If your expenditures are higher than your income, your first step is to reduce expenses where possible. This can be done in a number of ways — like cutting streaming services you don’t use often, curbing that excessive take out habit or something more significant like getting rid of a car.

Divide and Conquer

Divide costs into fixed, flexible, and future.

  • Fixed costs are the necessities (mortgage payments, utility bills, food)
  • Flexible costs are not necessary, but nice to haves (entertainment, gifts, memberships, and travel)
  • Future costs are savings, the things that may be needed one day (investments, an emergency fund, insurance)

A great way to divide these costs is by using the efficient 50-30-20 rule.

Infographic - Build Your Budget

Revisit/Recalculate

Set aside time each month to check-in. If you’re having trouble sticking to your budget, it might be time to try something new. You want your budget to be realistic and not the new mission impossible.

Find YOUR maintenance approach. Track spending with a spreadsheet, carry a set amount of cash instead of credit, or like 20 per cent of Canadians, try software or a mobile app to monitor money. Some helpful tools include Mint, Mvelopes, and Budget Planner by the FCAC. Whatever the approach, find a strategy that works for you.

Source:

Financial Consumer Agency of Canada. Canadians And Their Money: Key Findings from the 2019 Financial Capability Survey. 2019.

50% Fixed costs aka “the essentials.”

This list may be different for everyone.

  • Housing
  • Utilities
  • Transportation
  • Loan repayments
  • Childcare
  • Basic grocery items
  • Insurance (car and home)
  • Housing
  • Utilities
  • Transportation
  • Loan repayments
  • Childcare
  • Basic grocery items
  • Insurance (car and home)

DID YOU KNOW? It’s recommended that your total housing costs be no more than 30-32% of your gross income.

30% Flexible costs aka “the non-essentials”

  • Entertainment
  • Subscriptions (streaming services, magazines, gym membership etc.)
  • Services (salon treatments, house cleaning, food delivery etc.)
  • Travel

FACT: Budgeters are less likely than non-budgeters to spend beyond their monthly income (18 vs. 29%)

20% Future costs aka “the eventuals”

  • Emergency fund
  • Investments (RRSP, RESP, GIF, GIC etc.)
  • Insurance policies (life, disability, critical illness)
  • General savings

TIP: If you are paid on a bi-weekly basis and set aside $50 each paycheque, you can save $1,300 in one year, before any interest.

RBC Life Insurance

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*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.

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.

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