As the old saying goes, money can not buy your love, but it saves you time with those you love when you need it the most. We all hope to have a long, healthy life with lots of time with family and friends. Sometimes, however, life has different projects and a little planning can ease the financial burden at a time when the last thing you should think about is money. Critical illness insurance is one of the options for dealing with the unplanned future.
A long term customer was found in this exact situation. While they were working diligently on their retirement plans, one of them saw a diagnosis of end-stage brain cancer, but 37 days later.
Fortunately, during the financial planning sessions, we discussed the coverage of critical illnesses and their coverage, as well as their group insurance options. This allowed the family to spend limited time together and to have the time needed to mourn the loss of a father and her husband without worrying about finances.
Critical illness insurance pays a lump sum if you are diagnosed with a dreaded disease such as multiple sclerosis, Alzheimer's disease, cancer or Parkinson's disease. Coma, stroke, heart attack and kidney failure. Benefits are paid on the first occurrence and can be used to pay for medical expenses, change your home or even take a vacation.
There are many versions of critical illness insurance and different insurance companies offer different coverages. Be sure not to be guided by premiums when choosing the right cover for you and your family. By talking to a financial planner, you can help ensure that your future needs are met based on your family history and future goals.
Due to the above situation, the children of this couple now meet regularly with their financial planner to develop their own financial plan and ensure that their wealth and financial situation are well managed. The first-hand experience showed them that a little planning was going a long way.