Bill’s Blog January 27, 2021
Throughout my career, helping people reduce significant financial risks is very important to me. Why? Well, life happens, and at times we can all experience substantial setbacks. Let me provide for you a few real examples from my personal life.
At age 11, my father died from a heart attack. He was a kind and hard-working person, but he never protected our family from the consequences of this premature death (age 54). My wife lost her mom to cancer when she was only 41 years old. Sadly, the same thing happened to my wife’s dad about a decade later. I am not sharing these things for you to feel sorry for us. Only to point out in all 3 cases, there was little to no planning to protect loved ones or income.
I minded my own business driving my cars safely, and in 3 different cases over ten years, I was rear-ended. Even 15 years later, I still suffer from a constant sore neck. I am grateful I had insurance to get us through these difficult periods.
I have met with hundreds of individuals over the years and heard their stories. Thankfully many parts of their lives are doing well. Still, I have had dozens of families tell me of sad, difficult and unexpected events in their lives: sickness, injuries, unforeseen deaths and way too often, cancer is brought up or another life-altering health issue.
So how do these types of events affect our loved ones and us? The crisis often has multiple consequences: stress, fears, family tensions, searching for answers and solutions. One of the most challenging parts for individuals who have not planned is putting them in a double crisis: health and financial.
I have also witnessed when people have done proactive financial planning and put proper insurances in place and the incredible blessing when the monies come in monthly (disability or illness insurance) or a tax-free lump sum in an insured critical illness event. These insurances provide several significant benefits: you can focus on getting better without added financial burdens. You don’t have to cash out savings, RRSPs, TFSA’s, or sell assets you may not have wanted to. You have many tax-free cash options, and you do whatever you feel is essential with the cash. You may have heard the saying, “cash is king in a crisis.” I strongly believe this.
So whether you are a business owner, professional or individual, I can offer many custom solutions to protect your income and provide cash in a severe critical illness event. Did you know that I can add a rider to a CI policy, and if you never receive one of the defined illnesses, you can get 100% of the premiums back at a preset time? Imagine if we had that options for all of the insurance premiums we have to pay…only CI offers this.
Big question. Are you protecting one of your most important assets…your income”? Action step: reach out to me, and I can provide a quote and explain your options. bill@fivefoldfinancial.ca or 778-539-7107
All the best in 2021,
Bill