As the old saying goes, money can’t buy you love, but it can save you time with those you love when you need it most. We all hope to have a long, healthy life with lots of time with family and friends. Sometimes, however, life has different plans and a little planning can ease the financial burden at a time when the last thing you should be thinking about is money. Critical illness insurance is an option to take into account the unforeseen future.
A long-time client found himself in this exact situation. While they were diligently working on their retirement plans, one of them was diagnosed with terminal brain cancer to pass 37 days later.
Fortunately, during the financial planning sessions, we discussed and included critical illness coverage in their range of group insurance and insurance options. This allowed the family to spend their limited time together and have time to mourn the loss of a father and husband without worrying about finances.
Critical illness insurance pays a lump sum benefit if you are diagnosed with a dreaded disease such as multiple sclerosis, Alzheimer’s disease, cancer or Parkinson’s disease. Other covered conditions may include coma, stroke, heart attack, and kidney failure. Benefits are paid on the first occurrence and can be used to pay for medical bills, modify your home, or even take a vacation.
There are many versions of critical illness insurance available and different insurers offer different coverage. Make sure you don’t get caught up in premiums when choosing the right coverage for you and your family. Talking to a financial planner can help you navigate tricky waters to ensure your future needs are met based on your family background and future goals.
Due to the aforementioned situation, the children of this couple now regularly meet with their financial planner to develop their own financial plans and ensure that their inheritance and financial affairs are well taken care of. First-hand experience has shown them that a little planning goes a long way.