Why Insurance

The best way to decide if you need insurance is to ask yourself two simple questions; “Do I care about myself?” and “Do I care about other people in my life?” 

 

If the answer is “Yes” to either of these questions, then you need insurance!  Women often focus on the care of others and forget about their own value and therefore are vastly under insured. Critical Illness Insurance and Life Insurance are literal means of recognizing and protecting your value. Throughout the stages of life, insurance plays an important role. A few key life events to consider protecting with insurance are illustrated below:

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Motherhood 

Life Insurance provides financial security to your child and to your partner in the event of an unimaginable loss.  All the dreams you have for your child are protected by the relief a Life Insurance payment can provide.

Protection also means assistance dealing with the realities of a serious illness.  Critical Illness Insurance  provides a payment if you are diagnosed with a critical illness.

 

Reducing financial stress allows you to focus on getting well and the lump sum, one – time payment can be used as you see fit. If you are off work recovering from a life-threatening illness, receiving a tax-free payment will help offset lost income from both you as the recovering patient, and your spouse who will likely be involved in your recovery.    The extra money can be used to finance childcare, house cleaning, naturopath treatment or anything that makes your recovery easier.  Using the funds to pay your mortgage or continue saving for retirement is a huge stress relief and keeps you on your financial planning path.

Home Ownership 

Buying a home is exciting, but it often takes more than one income to afford even the most “cheap and cheerful” abode.  Critical Illness Insurance and Life Insurance are used to provide protection if tragically one of the two partners who share a mortgage is diagnosed with a life altering illness or dies prematurely.  Imagine a scenario where both partners are insured for $100,00 of Critical Illness Insurance and one is diagnosed with Stage 3 Breast Cancer.  Payment from the Critical Illness plan may allow both partners to take time off work to focus on treatment and recovery.  If both partners have $750,000 of Life Insurance coverage and sadly one spouse dies in a car crash.... Life Insurance provides funds to dramatically reduce the mortgage, making it affordable for the remaining partner. 

 

Critical Illness Insurance and Life Insurance protects your ability to stay in your home and not force relocation to a more affordable property. These payments can be used for anything, so if reducing your mortgage does not make the most financial sense, it can be used to invest and create an income stream to support the family.

Marriage 

Getting married is a romantic time full of hope and excitement for the future and so it’s heartbreaking to even consider the loss of your life partner.  But it’s important to address life’s possible tragedies to be prepared.  Critical Illness Insurance and Life insurance are ways to ensure you and your spouse, are protected financially in the event of an unforeseen illness or tragic loss.  While a critical illness diagnosis or loss of a partner is devastating, having insurance means that financial hardship is one less concern during a difficult time.

Uncoupling

On the flip side of marriage is divorce. As a single income household, you need adequate insurance to cover your fixed expenses should you be diagnosed with an illness.  And, if you need to purchase a new home on your own, you will need mortgage Life Insurance.

If you are awarded child and or spousal support payments, it’s because you need those funds for you and your children to continue to live the life that you have built, therefore those payments need to be protected with Insurance should something happen to your ex. This means that your ex needs to have Critical Illness Insurance to protect payments if income is impacted by a serious illness and Life Insurance to protect the children’s future.