Are you prepared?

Dawn Luhning |

I ran across this quiz when I was looking at a website that highlights issues surrounding being diagnosed with a critical illness. It's a great short questionnaire to get you thinking about how prepared you are for a financial crisis started by a health diagnosis.

Many people believe that they'll never be diagnosed with cancer, or have a stroke. It's in our nature to be positive about our health and that's ok. The way I broach the subject with my clients is that it doesn't hurt to play defense in your financial plans and buy the insurance to cover you if diagnosed with cancer, heart attack, stroke, coronary bypass surgery, and others. Why leave your income to chance and not have your biggest asset protected? To me, it just doesn't make any sense. And I'm not talking about your group coverage with your work. Trust me, it just doesn't cut it.

When I read in an online newspaper about someone who's child has been diagnosed with an illness, I immediately wonder if their financial advisor provided them with the option to buy critical illness coverage. Are they prepared and protected?

I'm sure you all know who Michael Buble is. At the beginning of this article, it states that "...their three-year-old son Noah had been diagnosed with cancer and the two would be taking time off work..."

How much money does Michael Buble make? How much money do you make? Can you afford to take time off work to be with your son/daughter while he/she is going through cancer treatments? Mr. Buble probably has the means to do so and I congratulate him and his wife. Many of the clients I speak to struggle to save for retirement let alone emergency savings. Not having a monthly paycheque coming in by taking time off work to be with your child, or at your own cancer treatments, could be a financial crisis.

Critical Illness coverage is emergency savings. Buy the coverage. Be prepared.

~ Dawn

Your paycheque is your biggest asset. You should protect it with critical illness/disability protection.