I hope you all had a chance to enjoy this past Family Day weekend, whether playing in the snow or staying cozy indoors with each other.
We would all do just about anything to protect and keep our loved ones safe. Insurance is never a glamourous thing to talk about, but there is no better time than now to have a look at your situation and make sure you are doing everything you can to protect yourself and your family from emotional stress and financial hardship.
Personal insurance products such as life insurance, critical illness insurance and disability insurance are designed to protect you and your loved ones in case unfortunate situations arise.
Life Insurance
Life insurance will not prevent death but it helps you protect your family when it occurs. In the worst-case scenario if something were to happen to you and you pass away, how would the loss of your income affect your loved ones? How would they manage financially? Would they be able to maintain their current lifestyle? Having a life insurance policy provides a death benefit, a tax-free lump sum of money, to your beneficiaries to help alleviate some of these financial stresses. There are many different types of policies available, even if you feel you may be uninsurable. A licensed insurance advisor will be able to help you explore the options most suitable for you.
Critical Illness Insurance and Disability Insurance
Your most important asset is your ability to earn an income. What if you were to become ill or injured and were unable to work, how would this affect your immediate financial situation? Would you and your family be able to pay your daily and monthly expenses? How would this affect your financial future, would you still be able to save for the future? Critical illness insurance and disability insurance are an important part of an income protection plan. Critical illness insurance benefits are designed to pay you a lump-sum if you survive one of the illnesses or diseases listed in your policy. The money paid out is not ear-marked for any specific thing. It can be used as you wish and to cover a variety of potential needs. Disability insurance benefits replace a portion of your income and are intended to help protect you and your family from financial hardship if you are unable to work for an extended period of time. They can provide you with a means to help cover your expenses. Depending upon your policy, coverage can range from weeks to your entire working life. If you work and earn money, disability insurance should be something you consider.
Put your family first, reach out to your licensed insurance advisor to discuss these insurance products and to find the best solutions that will fit your situation and meet yours and your family’s needs. It is worth taking the time to protect those you love.