Recovering from an Illness

Illness or accidents happen every day and affect young and old. If you have been unable to work for sometime due to a criticall illness or an accident your financial situation may be difficult, specially if you are the breadwinner of the family.

Critical illnesses like cancer, stroke, organ failure, multiple sclerosis, Parkinson’s or other neurological diseases take a great physical and emotional toll on not only you, but also your family, friends and loved ones.

Not surprisingly, a host of emotions – fear, anxiety, sadness – may flood over you and potentially cloud or blur your logical thinking. Having loved ones in your corner to support you, attend appointments with you, ask questions and be your advocate is invaluable. Although it is difficult to imagine dealing with a critical illness, it is important to be thoughtful and prepared.

One major reason to consider preparing for a critical illness is your family’s medical history. Many of the critical illnesses that people have are hereditary and are passed on to subsequent generations.
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Other important reasons include:

• More than 1.6 million new cases of cancer are diagnosed each year
• Advances in medical technology mean more people will survive these illnesses
• 11.2 million Americans and Canadians were forced into poverty because of out-of-pocket medical expenses in 2015.

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A critical illness diagnosis is an increasingly common occurrence, but if you’re raising kids, caring for parents, helping friends or trying to get healthy after a critical illness, the last thing you need is to worry about is your finances.

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There are 2 ways to mitigate the impact on your finances by purchasing living benefits policies like:

1. Critical illness insurance (provides a lump sum cash payment to you if you are diagnosed with a condition covered under the policy. Critical illness insurance policies allow you to use the money however you wish – and some allow you to enroll for coverage for your dependents, too.)
2. Disability insurance (provides a monthly income if you’re unable to work due to a serious injury or illness)

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Ensure that you contact one of our advisors to ask you some questions and determine what policy is best suited for your situation.

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For more information about how to enter the next phase of your life and the financial steps you need to follow book a complimentary Financial Health Assessment.