Think back over the past year. How many people in your circle of relatives, friends or acquaintances have died? Not too many I bet. How many have had a heart attack, stroke, cancer or other critical illness and lived? How many people do you know that have had to take valuable time off work or out of their businesses to recover from sickness or injury? How many people have not had the freedom to take time out of their businesses to recover because of financial pressure? Quite a few? Then where is the greater risk?
Clearly, the risk is in “not dying” but rather living with the consequences of sickness or injury. Is the financial impact of a critical illness or disability as great or greater than the financial impact of death? Probably the same, if not greater, because a stream of income is lost and dramatic costs are incurred. What we need are Living Benefits.
Critical Illness insurance is a product for physical and financial recovery and is a product designed to provide choices. Once diagnosed, it gives survivors the financial ability to live debt free, to choose to work or not work, during a difficult period in life when the focus need on recovery – not paying bills! With the current crisis in Canadian Health Care, our rapidly aging population, and uncertainty over Government Pension Plans, the time has come for all of us to realize that by the time we need these programs to work for us we may be sadly out of luck.
Disability Income coverage will create a tax-free stream of cash when you cannot work because of sickness or injury. As an analogy, if you owned the “Goose that laid the golden eggs”, which would you insure – the goose or the eggs? In the same way, you have insurance on all your eggs – in the form of your house, your car and your possessions. Stopping short of calling you a goose, is your future income secured properly?
Solution: A properly planned “Living Benefits” program that will prevent financial hardship during a time of illness or injury.
Mistake #4 – Ignoring the long run
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