I have put off writing this for far too long! There is a reason it took me so long to write this, which I will explain at the end of this blog.
Essentially, this is an insurance policy that pays a lump sum payment when someone is diagnosed with a critical illness. Why now? Why this? Well, I turn 45 this year and as I get older I am seeing these illnesses affect people I love.
I have a cousin who currently sits by his 9 year old son’s hospital bed day in and day out.
I have a close friend that recently underwent radiation and chemo treatment.
I have a family member who is 62 years old and has been diagnosed with Dementia.
I have more than one friend that has had a Mastectomy.
I have a friend that has Cirrhosis of the liver… and the list goes on.
We all know people that are or have been affected by a serious illness. Most of these people cannot afford being off work for more than a few weeks or maybe a few months at best. Yet these illnesses can keep you from working for much longer than just a few weeks or months.
We have also seen the GoFundMe pages or fundraisers for those going through these tough times. We are a kind and generous community that often dig into our pockets to help those we know and love. With that being said we can only dig so deep and as kind and generous as we may be, GoFundMe is never a guarantee of funds and most likely will not cover all of your expenses.
42% of house foreclosures are due to a disability or critical illness.
Even if you have disability insurance benefits through work, consider this: the first 120 days will likely be through EI which is a payment of something like $432 a week (this estimate is based on the maximum benefit, if you qualify based on income) and after that your long term disability typically covers somewhere between 60-70% of your salary. It’s simply not enough. Imagine if it was necessary to stay for an extended amount of time at a hospital that is not local to you.
Critical Illness Insurance pays a lump sum of money to the insured to use as they see fit. This could be used to pay for travel costs, monthly household expenses, alternative medical treatments, or treatment outside of this country.
Tell me this, who is likely to heal sooner, if possible, the person with no financial stress or the person who has to constantly worry that their home is going to foreclose?
Going back to the beginning. I have put off writing this blog because I have a fear of upsetting someone that may be going through, what might be, the hardest time of their life. Maybe it’s something they are going through personally, or a friend or family member is going through, or they are no longer going through it, but reading this still hits home. I’ve come to realize my fear is slightly misplaced.
Take a look around you, there’s a good chance this is happening to someone you know or know of, right now. We are not invincible and we are taking a risk if we do not plan properly. You lose absolutely nothing by sitting down and having a conversation about insurance coverage. You could lose everything by putting it off or ignoring it completely.
Speak to a Licensed Life Insurance & Living Benefits specialist today to save you and your family from the burden of unexpected financial strain.
Lots of Love,