Posts from the ‘Living Benefits’ Category
BY David Wm. Brown and Sarah Brown
Starting a conversation about someone’s age is a sure way to be the least popular person in the room. But while this is a no-go territory for cocktail party chatter, it’s a conversation you need to have with your parents.
Statistics Canada tells us that in 2007, people aged 45 to 64 paid for 75% of elder care. And now, a new generation is realizing that when their parents need long-term care, they’ll be called upon to fund it.
Most Canadian workers would suffer severe financial hardship if they were forced out of work with a disability.
In fact, 76% believe that should they become disabled and unable to work for three months, there would be serious financial implications for their family, such as significant debt or an impact on retirement plans, finds an RBC Insurance survey.
Despite the concern, only 27% have discussed how a disability would financially impact their family. This number does not increase substantially among workers who’ve indicated that they’ve taken time off in the past because of a disability (33%).
Many people recognize the need for Critical Illness insurance to protect them from the financial risk that could result if diagnosed with a life threatening illness. Although a difficult subject to think about, children should also be protected from this risk as well. If our children were to become ill the emotional and financial toll it could have on the family may equal that of the parent.
Juvenile Critical Illness provides options:
- To find and provide the best treatment and care for your child. Often, treatment can be very expensive, especially if the best available is outside of Canada. Most parents would not spare any expense of this nature when it comes to their children and having tax free funds for this purpose could be life-saving; Read more
We all face many risks – contracting a critical Illness is one of them. Being diagnosed with a life threatening illness is not something one wants to contemplate however you can purchase Critical Illness Insurance to protect against the financial impact.
The Back Story
Critical Illness insurance was invented by Dr. Marius Barnard. Marius assisted his brother Dr. Christiaan Barnard in performing the first successful heart transplant in 1967 in South Africa. Through his years of dealing with cardiac patients, Marius observed that those patients that were better able to deal with the financial stress of their illness recovered more often and at much faster rate than those for whom money was an issue. He came to the conclusion that he, as a physician, could heal people, but only insurance companies could provide the necessary funds to create the environment that best promoted healing. As a result, he worked with South African insurance companies to issue the first critical illness policy in 1983. Read more
Over the past two months we have examined some of the risks that challenge most of us. It is almost impossible to avoid risk entirely. Knowing where the pitfalls lie and planning for them will certainly help. You might, however, want to consider shifting the risk to someone else, like a life insurance company. Life insurance companies are in the risk business and they have products and services that can assist you in dealing with risk. Some of these are as follows:
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