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Insurance – Life, Critical Illness and Disability

You want to make sure that you are prepared in any event. Although it can sometimes be hard to plan for the unknown, you should take a holistic approach when planning for your future and the well-being of the ones you love.

Life Insurance

The sad reality is that many people don’t have a financial plan in place that sets out specifics regarding inheritances for children, spouse, and/or other family members. Savings for diagnosis of critical illness or disability is also most often a rare commodity. Investing in life insurance will ensure that your family doesn’t inherit any of your debts, and are financially stable should you pass away prematurely.


Critical Illness Insurance

As you grow older, you have an increased risk of being diagnosed with a severe or terminal illness such as Cancer, Heart Attack, Stroke, Dementia, or Alzheimer’s. All of these conditions and many others can require additional support or care, which can be quite costly.

Disability Insurance

Whether you injure yourself at work, develop a disability over time, or get in an accident that causes a disability, disability insurance will ensure that both you and your income are protected. Without this type of investment, you may find it hard to financially support yourself when a disability occurs.

However, the amount you receive would depend on your total income prior to becoming disabled.

Getting Insured: Which One Do You Need?

Before you decide on how to insure yourself, it’s always a great idea to consult with an experienced financial advisor. In doing so, you will be educated and advised based on your particular personal and family wants and needs. For example, for critical illness claims you would be paid out in one large lump sum. You can also determine how you want to use the funds for your own care and you don’t have to provide any proof that you’ve lost income as a result of your illness.

A disability claim on the other hand, comes in smaller monthly payments and is more for income replacement. Therefore, you are required to provide proof that you’ve lost income. It’s also important to note that if you return to work your disability payments would stop.

Tips For Choosing Your Financial Advisor

When it comes to your finances and your future, hiring the right financial advisor can be crucial. Before reaching out to a financial advisor you should:

  • Determine your needs and long-term goals when it comes to a variety of insurances.
  • Check their credentials
  • Check their references

Contact me now to schedule an assessment of your situation.

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