Money Can't Buy You Love
As the old saying goes, money can't buy love but can buy your time with the one you love when you need it. We all hope to have a long healthy life with a lot of time with family and friends. Sometimes, however, life has different plans and little planning can lighten the financial burden at a time when the last thing you have to think about is money. Critical illness insurance is one of the options to account for an unexpected future.
Long-term clients find themselves in this exact situation. While they diligently worked on their retirement plans, one of them was diagnosed with a brain cancer terminal just to pass 37 days later.
Fortunately, during a financial planning session, we discussed and included critical illness coverage for their Suite of groups and insurance options. This allows families to spend their limited time together as well as having a great time to mourn the loss of a father and a husband without worrying about finances.
Critical illness insurance pays the benefits of a lump sum if you are diagnosed with a dreaded disease such as multiple sclerosis, Alzheimer's, cancer or Parkinson's disease. Other conditions covered may include coma, stroke, heart attack, and kidney failure. The benefits are paid for the first occurrence and can be used to pay for medical expenses, modify your home or even take a vacation.
There are many versions of critical illness insurance available and different insurance carriers offer different coverage. Be sure not to let the premium be your guide when choosing the right coverage for you and your family. Talking to financial planners can help you navigate the intricate waters to ensure your future needs are fulfilled based on your family history and future goals.
Because of these situations, the children of these couples have now met with their financial planners regularly to develop their own financial plans and to ensure that their inheritance and financial affairs are well looked after. Direct experience has shown them a little planning goes a long way.
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