Women and Money Part 3

Women and Money Part 3
almost 4 years ago

Ladies, it's time to talk about your money. Follow this 6 part series for valuable insights you need to know.

Protecting yourself, your wealth and the people you care about.

When speaking with women, many of them believe that they don’t need any insurance. Single women without dependents seem to think that because they aren’t leaving any children behind, there is no need for insurance. Women in a relationship think that their partner’s insurance will cover everything but….think beyond just life insurance for a moment.

Consider the possibilities of you suffering from a critical illness or incurring a disability. Take a look at the stats…..Many, many people buy a Lotto 6/49 ticket without even thinking about the odds of winning but far too few of us invest in protection against something with a much, much higher chance of occurring.

It seems everyone knows someone whose family has been touched by an illness or disability. My wife, mother and mother in-law have battled breast cancer. More that a dozen friends from school have suffered heart attacks. Most survived but need significant time away from work.

  • Lotto 6/49 draw 1 in 14 million
  • Disability of 90 days before age 65 1 in 3
  • Heart disease 1 in 3 women
  • Cancer 1 in 2.5 women
  • Breast cancer 1 in 9 women

Sources: Ontario Lottery and Gaming Corporation, 2010. 1985 Commissioner’s Individual Disability Table and CIA 86-92 Aggregate Mortality Table. Heart and Stroke Foundation, 2009. Canadian Cancer Society, 2010.

What would happen if you should become disabled and are unable to earn an income?

Women and Money Part 3

When an accident or sickness occurs, in addition to ongoing expenses (mortgage/rent, food, clothing, utilities, taxes and other bills), there could be new medical and rehabilitation costs, additional child care expenses, career retraining, and/or ongoing lifestyle changes that could prove expensive. At a time when the flow of regular income is disrupted by the disability, how are you likely to cope with new additional expenses? How would your family fare without you? Most importantly when would you even begin to think about retirement planning in case the disability is long term?

With this in mind, I have attached a short one minute video for you. Please take a moment to review this video about critical illness insurance and how it can benefit you. How you can protect your family.

Great west life, london life, canada life

There’s nothing more constant than change. As we start out, insurance is a basic solution – designed simply to replace income. As time goes by and life becomes more complicated, insurance coverage needs to consider protecting the savings we’ve worked with you to build up, your education savings for the children, your retirement plan, or perhaps even paying off mortgages or other debts. Maturity brings a broader perspective into focus, as we consider things we never have before – like preserving estate values and having the resources to deal with medical and physical needs should our health suffer become top of mind.

We will help you take a brief “time-out” from your busy schedule to ensure that your plan incorporates the right insurance choices for your life today, and the life you want to live tomorrow. It’s not as expensive as you think and we’ll make sure that the costs fit your budget just right.

Join us next time as we discuss living off of your wealth.