Insurance
"Crash Testing" Your Financial Plan & Protecting Your Loved Ones
Just like you insure your house, your car and other valuables, you need to protect your family by insuring your financial plans for the future. Consider the following questions and how you are currently protecting your family and plans for the future:
- What would happen to my family and my business if I died tomorrow?
- Have I taken the steps necessary to ensure my last wishes are known?
- What would happen if I was in a serious accident and couldn’t work for a year?
- Have I taken the steps to ensure my family and business could function without my signature or ability to speak?
- What would happen if I developed cancer, had to travel for treatment and the cure wasn’t covered by OHIP?
- Who will take care of me when I’m sick and can’t take care of myself?
- Who will take care of my parents when they can’t take care of themselves?
Each of these scenarios is immediately devastating to family and the full financial impact can be felt for years. Without proper insurance, the ability to maintain savings plans is at risk and withdrawals are often necessary to pay bills and maintain living expenses. Family businesses are often at risk when the key person isn’t properly insured.
Here are major types of insurance that can help protect your family and their financial plans for the future:
Disability insurance
May be the most important part of insuring your financial plan from illness and injury because it insures the cash flow that pays for everything.
Life insurance
Should cover debt, final expenses and replace the deceased’s income for the family. Individual insurance is often less expensive than insurance offered at your bank or credit union or through your employer.
Critical Illness insurance
Pays a lump sum on diagnosis of heart attack, stroke, cancer and 20 other conditions. It can be used for treatment, to replace income, repay debt or whatever the beneficiary prefers.
Long term care insurance
Provides professional health care in the insured’s home or a healthcare facility when they can’t take care of themselves. It is less expensive to purchase when 55-65 years old and in good health. LTC insurance is gaining in popularity among adult children who buy it for their parents who live over an hour away.
Part of insuring your plan is to keep the protection affordable for your family. Sometimes that comes from prioritizing protection and other times it comes from savings created from our review of family income and expenses. In any event, we can help you determine the proper amounts of insurance and prioritize them to protect the people and causes most important to you.
Insurance products and services are offered through Manulife Securities Insurance Agency licensed life insurance agency and affiliate of Manulife Securities) by Manulife Securities Advisors licensed as life agents.