What should I do to prepare financially for marriage?

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Wealth planning opportunities for married couples

Getting married is an exciting milestone but also an important time to make sure you are covered when it comes to wealth planning for you and your spouse.

Here is an infographic that highlights the areas you should consider looking into as you start your life as a married couple.

Update insurance

Get life insurance to help cover any financial loss to your loved ones in the event of your death
Remember to add your spouse to your work/private health care plan
Decide if you need disability insurance, critical illness insurance and/or long-term care insurance

Update or get a will

Make sure to add your spouse — if you die without a will your property may not be passed to them automatically

Take advantage of tax strategies

Contribute to a spousal RRSP
Lower-income spouse can invest earnings so that any investment income is taxed at a lower rate