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RISING WOMEN EXPERT
ADVICE...
Does your family
have a financial safety net?
In most family households the concept of having a financial safety net is
non- existent. As parents you work to shelter, cloth and feed your family,
and you require sufficient income to provide a comfortable lifestyle for you
and your family. You are diligent of the obvious protections including auto,
home and coverage to pay medical expenses, but what about preparing for a
total financial loss?
In general, families don’t think about the possibility of a complete
financial devastation while they are still alive. The purchase of Life
Insurance has become a household staple to protect the ones you love after
your passing. More often than not, the discussion of lost income protection
while you recover from illness or injury, are placed on the back burner.
There is the misconception that your work benefits will cover these risks or
your lifestyle is such that you don’t have this type of risk. Not all group
plans cover these risks so understanding your options is a big step toward
patching holes in your safety net.
If you need emergency surgery, how would you pay your bills while you
recover? If your child is diagnosed with cancer, you or your partner may
have to leave work to care for them. Who would pay your bills during this
delicate time? If the main income earner in your home had a heart attack,
how would you keep food on the table while they recover? The sad fact is
that most don’t think to cover these risks until it is too late.
We believe these types of coverage need to become a household priority.
Disability insurance replaces lost income while you recover from an
accidental injury or after becoming ill. If your child was ever diagnosed
with a serious illness, Critical Assist Head Start provides you with a tax
free amount of money to use as you see fit for your situation.(1) The
possibilities include the financial option to take time from work to be with
your child and support their recovery.
Get peace of mind and consult a professional to review your family’s
financial position, and get advice on how you could have the right safety
net for your families needs and the products to develop it. Don’t gamble
your family’s lifestyle and security! You’ll thank yourself for building a
stable future for your family.
(1) According to current Canada Revenue Agency regulations. Income tax
rules and regulations are subject to change at any time.
Danielle Miller |
