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March 19, 2013

Planning For Critical Illness Can Save Your Life

You’ve worked hard and planned for an enjoyable retirement. But what will happen if you have a heart attack or stroke, or are diagnosed with cancer? How will it affect your lifestyle, your savings, your family and future?

Cancer, heart attacks and strokes are more common than we like to think. While our chances for recovery are good, the associated costs can be high. Out of pocket medical expenses and associated costs can add up to hundreds of thousands of dollars.

If you have to sell investments prematurely or stop investing in order to manage recovery costs, your portfolio and future plans may never recover. So is there a solution?

By redirecting a small portion of what you invest each year towards critical illness protection, your investment portfolio will remain intact. Furthermore, if you have a critical illness, you will receive money to spend at your discretion. This includes paying off your mortgage or debts, renovating your home to accommodate a physical disability, covering travel expenses or lost income, or seeking alternative care.

Government health care programs may cover the cost of some services, but they rarely pay 100% of the cost, Also, many new treatments are not yet covered. With an aging population, and higher expectations for our health care, is it realistic to think this will improve?

You may believe it doesn’t make sense to take money away from your portfolio, but the impact on your portfolio can be relatively insignificant compared to that of a critical illness. As an added bonus, you can also choose to have the premiums you pay returned to you if you decide to cancel or a set period of time has elapsed.

Call me if you’d like to see how critical illness insurance can help protect your investment portfolio and future plans.

©iStockphoto.com/Nancy Louie

 

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