Living Benefits - Disability and Critical Illness - What are the Effects Financially?
Ken Greig - Apr 11, 2022
Most people are familiar with what happens when a family has an unexpected death and the financial effects. That's why most people have some life insurance coverage either through work or that they own personally. But what about a situation where you become unable to work due to sickness or injury? All of a sudden your income stops or is dramatically reduced. How do you pay for your everyday expenses? How long will your savings last and what happens to your retirement plans if you can no longer deposit regular payments towards those plans? If you need renovations to your home to accommodate equipment or your being able to move around your home, who pays for that? Is your spouse going to be able to continue working or do they have to become a caregiver? If the person who is ill or injured is your child, are you going to go to work or are you going to be at the child's side in the hospital? Then there's medication to consider that may not be covered by the province's medical plan or the cost of medical equipment needed. It's a lot to consider!
These are just some of the questions that demonstrate the need to properly protect yourself against such a situation. After all, your most valuable asset is your ability to earn a living. We ensure our homes, cars and other toys because of the financial effect loosing that asset would have on us. Does it not make sense to insure our most valuable asset- our ability to earn an income?
That's exactly what a Disability and Critical Illness plan can do for you. Each of these plans can be tailored to meet your specific needs and situation. Let me show you how a plan can work for you. Contact me for further information and a free no-obligation analysis of your situation.
Enhance Financial Services