Canada’s baby boomers represent the most unique generation in history. Financially stable and well educated, these 50+ Canadians face the unusual dilemma of having to care for both their children and elderly parents while also maintaining the lifestyle they’ve worked so hard to achieve.

According to a recent Leger Marketing survey commissioned by RSA Canada, as baby boomers begin retiring in droves, 61 per cent plan on using their free time to travel the globe in search of the adventurous post-career lifestyle they overwhelmingly wish to lead. While away, it can be a challenge for some to ensure their loved ones and properties are well taken care of.

Most boomers have gone through life with standard insurance policies – life, home and auto — but the realities of their retirement lifestyles mean they now need to look into more comprehensive options.

“Baby boomers who intend to travel during retirement will want to look for policies that will cover not only their own needs, but also those of their parents and children while they’re away. This could mean working with their broker to adjust their current policy,” said Julia Oosterman, spokesperson for leading home, auto and business insurer RSA.

Given their unique position and equally unique retirement lifestyle, Oosterman recommends boomers look for an insurance provider that can accommodate their varied needs.

Oosterman recommends travelling boomers consider the following to ensure their family’s needs are cared for while away:

• Review the insurance policies of your parents to determine whether they are adequately protected while you are travelling (should their circumstances change).
• Inform your children of the location of important documents (social insurance number, financial and insurance) and ensure a trusted source knows where they are located.
• Identify an alternate contact for your family to reach in the event of an emergency. This could be a trusted neighbour or friend of the family.
• Contact your local insurance broker and review your current policy to ensure all of your needs are addressed.

For more information about insurance protection, visit www.rsagroup.ca.

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Matt Duffin
mduffin@apexpr.com
416.924.4442 Ext 237