Happy Friday! Here is some great information on what I consider the most important financial security planning strategy today and if youre not up for reading, check out the short video. Why Critical Illness insurance has become the most important protection to have, ahead of any other type of insurance, including life and disability (DI), as the foundation of your financial security AND savings plan. 1) Less than 3% of term life insurance, which includes insurance through your bank to cover your mortgage or any large debt and insurance through your benefits actually gets paid out prior to the age of 65. 2) There is a greater than 50% chance of developing a critical condition (for example: Cancer, Heart Attack, Stroke ) prior to the age of 65 3) A critical illness benefit is for you. Life insurance is for someone else. And disability insurance (ie: LTD - Employee Benefits) is often frustrating because it can be hard to get paid promptly 4) Its the 21st century, in my opinion, if anything is going to keep you away from work for an extended period of time (ie: 91 days or longer), the probability of it being one of the twenty four covered critical illness’s or conditions are, unfortunately, much more likely than we would all care to admit 5) There is a 31 day waiting period versus 91 day, which is the length of most waiting periods for disability insurance (personal or through your employee benefits). 6) In the event of a claim, regardless of your employment status, meaning, if you are back to work, you will still receive a lump sum payout. With DI, the moment you return to work, your monthly benefit will cease to provide you an income. 7) You are already doing it but dont even know it. I consider my coverage a traditional savings account. By making small monthly or annual deposits I provide myself access to a large lump sum of capital in the event of a claim (much greater than the deposits I have accumulated). This is money that can be used for whatever I wish at the time of a claim, not just income replacement (i.e. your typical disability coverage). If you didnt have this coverage but were still saving, the first place you would turn to is the place you can have access to funds the quickest (i.e. savings, RSP, TFSA, investments, home equity). 8) With CI, if a claim is never made, I will have access to all of the money that I have deposited over the years just as if I have been saving it in a regular bank account. 9) Canada is the last country to have guaranteed renewable, non-cancellable, coverage. In short, once you are approved and as long as your deposits are in good standing, your coverage cannot be taken away, cancelled or changed. This will change!! Contact me directly for more information at jarrett.robertson@f55f Make it an incredible day and I will speak with you soon Warm regards, Jarrett (I have no ties to Mr. Webster or any interest in his business but this is a great video on a very important, modern day, financial security planning concept and I am happy to share it for educational purposes.)
Posted on: Fri, 17 Oct 2014 12:24:04 +0000
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