Why you need insurance

Here is just one scenario of an insurance benefit among many

Thomas and Jenny have been married for 10 years. They have three children, a son aged nine and two daughters aged seven and five. They had just moved to a new home in a beautiful neighbourhood close to amenities for the children where their children are enrolled in extra circular activities. After getting a long-awaited promotion for Thomas they decided that the move would fit well for their lifestyle and family. They loved their new home and community, and they were happy. Although their monthly payments were higher than before, they felt they could manage their budget with Thomas’s new job and still maintain the children’s activities.

Unfortunately, 4 months after moving into their new home Jenny began to experience some health issues. The doctor’s examination and assessments concluded that Jenny had cancer. The news hit them very hard. They were worried about Jenny’s condition as well as their future.

Jenny had to undergo intense treatments which left her weak, tired, and unable to manage her daily routines for the family. Although the doctor was hopeful that the treatment would give Jenny a fighting change, the road ahead was going to be long and bumpy.

Jenny had to take a leave of absence from work which meant their income would be significantly reduced. They fretted that the children’s activities would need to be stopped while they tried to manage financially.

Unfortunately, this is a typical story that affects many families.

Unfortunately, this is a typical story that affects many families. Nobody is prepared or expects their health to take a turn for the worst, but it happens more often than we think. At the time of the crisis, families go through emotional havoc and are burdened with unstable health and recovery while being distressed about financial obligations.

This is why the various insurance products have been developed, to protect families and help them deal with unforeseen health issues with peace of mind. Imagine if there was an unexpected death. Would the family be prepared to manage all their obligations?

In the case of Thomas and Jenny, if they had Critical illness insurance they would have had the peace of mind knowing that they could remain in their home and their children’s lives would not have to be impacted as much. Critical illness insurance provides coverage for twenty-five major illnesses by most of the insurance companies. Listed below are a few of the common ones:

• Heart attack

• Stroke

• Organ transplants

• Cancer

• Coronary bypass

Statistically, a serious life-altering illness affects one in three Canadians in their lifetime. Having Critical Illness insurance, you can:

• Cover daily costs

• Use your payout to help with your expenses while you recover.

• Protect your retirement savings

• Avoid dipping into your RRSP or other investments to pay for additional medical costs.

• Focus on your recovery • Concentrate on getting healthy knowing your benefit payment can help with your finances.

• Families can get professional help to deal with the impact of their illness.

• Counselling services, Family support services, (childcare, home care), Legal and financial consultations, and Nutritional advice.

Without Critical Illness insurance, Thomas and Jenny were now faced with decisions that would impact their future in a major way. Do they sell their home that they enjoyed and worked so hard to get? Do they withdraw from their retirement savings and face tax consequences? Do they cancel the activities that their children were benefitting from? Do they ask family for financial support? Those questions weighed heavily on their minds along with being worried about Jenny’s recovery.

HOW I HELP

As a licensed insurance and investment professional, I can help you avoid this type of disaster. A consultation with me does not take a lot of time and it will give you an idea of the cost so you can adjust your budget and spending. I am happy to sit down with you and provide you with all the information you need and give you advice based on your situation. Once you have the information at your fingertips it will be easy for you to make the right decision. Let me take a look at your insurance coverage as well as investment plans for your future security. I will help you make the right decisions for you and your family and give you peace of mind knowing you will be taken care of in the event of an unexpected death or health crisis.

I specialize in investments and insurance and my focus is to counsel and provide the right advice to my clients to set them on a road to financial freedom. I realize that there is much to be done to help people and their families especially as the world becomes more challenging to live in. Planning for unforeseen situations is key.

Give me a call.at 416.779.2323 and I am happy to help you with planning for your future.

Find out more

Why you need insurance

Here is just one scenario of an insurance benefit among many

Unfortunately, this is a typical story that affects many families.

HOW I HELP

This website uses cookies.