The best way to understand what products you need, is to understand what the products are intended to do and how they can protect you in different situations.
Buying a new 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 is a commitment between two people who intend to spend their lives together. It’s 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 in order 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.
The instinct to protect our family is a part of our DNA. Every parent wants to keep them safe from all life’s pain and suffering. 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 when the insured is diagnosed with a critical illness.
Reducing financial stress allows you to focus on getting well. A Critical Illness Insurance payment can be used for anything you choose. It is a lump sum, one – time payment that you can use as you see fit.
If you are off work recovering from life threatening illness, receiving a tax-free payment will help offset lost income from both you as the recovering parent, 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.