Dealing with Critical Illness & Long term Disability

Do you have thoughts that keep you up at night? Like most people you are working hard to balance your work and family life. So as you put your head down on your pillow, you might be thinking about planning the next day’s activities, a work project, paying bills, grocery shopping, laundry, carpool schedules, kids programs, making dinner, cleaner’s drop off, doctor’s appointment, oil change…..you get the idea. It sounds stressful just thinking about it. Now imagine you wake up the next morning with a nasty flu. UGH! I mean a really bad flu that keeps you in bed for a few days.

So what happened to all your plans?!? Who is going to pick up the pieces? Fortunately, it’s only a few days and although things will be hectic for a while, it should all come back to normal after that. We have support cushions like work sick days, and short term extra help that gets you through it. Now ask yourself – what if it was more than a flu and you were not able to work, manage your home or pay the bills?

The real question is – what SHOULD be keeping you up at night?

Is it possible that an injury or illness could keep you away from work and home for a significant period of time? How long would you need to be away before it had an immediate or long term financial and emotional impact?

Unfortunately, we don’t know the future. Disability and illness can strike at any time. Fortunately there are products that can help manage the risk for such situations lessening the financial burden. A Critical Illness insurance plan typically covers a diagnosis of a serious illness like cancer, heart attack, stroke, or any other of the 20 to 25 illnesses and can provide a lump sum payment, when passing the survival period which is normally 30 days. Disability insurance can provide a monthly income, after a waiting period, to those unable to work due to an accident, sickness or disability.

The following are some incorrect assumptions people have about getting insurance.
This will give you 100 percent viagra ordination Continue Shopping satisfied results and also is safe to use. High blood sugar makes the functioning of body organs and reduces the risk of semen leakage problem due to weak PC muscles. viagra for cheap Herbal sexual enhancement remedies are made up of generic cialis pill natural ingredients which work to increase the blood circulation to the male sex organ. Alcohol will reduce the effectiveness of this medicine. * Kamagra order has to be place only at a reliable drug store as there are many drug stores that sell cheap but fake order cialis amerikabulteni.com.

    1. “I have coverage at work.” – Look at your benefits booklet and see what your income replacement ratio is. Often there is a gap to what you really need.
    2. “My spouse stays at home, so I’m the only one that needs insurance…” – Would family productivity be affected? Could you easily take an unpaid leave of absence from work to care for them? How long could you be away for?
    3. “I really can’t afford it” – Could you afford not to? Could you have written a cheque yesterday for $50,000 if you needed it? Even a small amount will alleviate some of the heavy financial burden.
    4. “It will never happen to me” – Unfortunately the randomness of such incidents often strikes people without warning. Documented cases have shown policy claims that were made shortly after taking the policy in a span of only a few months to a couple of years.

Reviewing your risk management strategy with your advisor will provide you with the details to manage your risk intelligently so you could sleep at night knowing that you and your family are covered for such situations. What we often don’t think about can be the most important and the most devastating if neglected. Discussing your insurance objectives and protection should best be done with the help of an independent professional advisor. Income and debt protection is a crucially important part of the planning process to protect your family’s future. An advisor can help you understand your choices and guide you to the right instruments that will meet your financial goals.

Free personal and group informational seminars are available to learn more about this important topic. Call me today to book a time.

This article is presented for informational purposes only, and does not represent financial, legal or investment advice or opinion. The provision of the information contained herein and any oral or written communication regarding the same should not nor is intended to be construed as such. Interested persons should seek independent professional advice before acting or foregoing action in relation to any of the matters mentioned herein. E&OE.