Market and Investment Insights

From the desk of Erin Gendron…

This is a message for our younger clients or those who are “young at heart”.

Insurance: Something no one enjoys talking about, but a ‘must have’ conversation. We feel a sense of responsibility to have this conversation with you – or with a friend or loved one you know who is in this phase of life.

We’ve said it before: “your ability to earn an income is your biggest asset in life.”

“Your ability to earn an income is your biggest asset in life.”

This is especially true during the time when we have kids at home that depend on us. Debts can be high and savings, albeit growing, are often low. While in this stage of life, if your income is taken away – even for a small amount of time, the financial impact to your family could be severe. Life insurance is one important piece of this protection plan, but keep in mind that your ability to provide for your family can be impacted by sickness, injury and/or disability as well.

The stats are higher than ever before; now 1 in every 2 people will be diagnosed with some form of cancer*, with a 65% likelihood of surviving for 5 years. The majority of the extra cost associated with getting better are not covered by provincial health care plans. Truly a win for modern medicine but with respect to protection for our family, this means we need to expand our traditional thinking to recognize that insurance is so much more than simply protection in the event of death.

If your first thought is, “this sounds expensive”, we have unique and cost effective ways to give you peace of mind that your families financial plan will not be derailed in the event of illness. The average recovery period for a critical illness is only 4-5 months. Replacing income for 4-5 months in the form of a critical illness policy will cost less than you think, and will compliment most employer funded insurance plans, which often fall short of what our families really need.

While sitting with a client recently to review their insurance policies, they made the comment: “Ugh, I’ve been paying this fee – every month – for almost 10 years! …and I’ve received nothing.” To which I responded: “Isn’t that awesome! Not having to activate your insurance plan is good news!”

We all assume this will be the case but the ‘what ifs’ are daunting. Consider insurance like having a reverse lottery ticket! For most of us, it provides a sense of relief knowing our families will always be looked after.

If you are unsure about your current family protection plan or looking for that sense of relief, please let us help.

If you’re young, active and healthy, here is one idea to incent you to properly protect your income and your loved ones and, at the same time, receive better pricing when you stay active.

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