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? Who had to take time off work or out of their businesses to recover from sickness or injury? How many 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 often less in dying but rather in 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 may be lost and dramatic costs are incurred. What we need are Living Benefits.
Critical Illness and Disability Insurance – a missing piece of the puzzle?
Critical Illness insurance is designed to provide choices for physical and financial recovery in event of a number of covered conditions such as cancer, heart attack, stroke, etc. thirty days after diagnosis. It gives you the financial ability to perhaps live debt free, to choose to work or not work during a difficult period in life. The focus should be on recovery – not paying bills! With the current crisis in Canadian Health Care, our rapidly ageing population, and uncertainty over Government Pension Plans, this is a timely solution. The time has come for all of us to realize that government-sponsored programs are being stretched beyond their capacity to deliver.
Disability Income coverage will pay tax-free cash when you cannot work due to sickness or injury. As an analogy, if you owned the “Goose that laid the golden eggs”, 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?
A properly planned “Living Benefits” program will prevent financial hardship during a time of illness or injury.