A financial plan is a tool and, just like any other instrument in your life, should take into account all of the aspects of your situation – the good, the bad, and sometimes, the unfortunate! Considering the important questions about your financial future, which we wish we had a crystal ball for, will put you ahead of the majority of those that do not have a financial strategy in place. Before you know it, your plan looks better every year, and an ideal retirement is in sight; but an unexpected change can cause everything to fall flat.
Taking care of your financial health takes the same kind of comprehensive and collaborative approach that you would take when looking after your physical and mental well-being. Much like in medicine, financial professionals tend to have their own unique specialty. Ours is insurance…but you will also want an accountant, lawyer, banker, investment advisor, and possibly others on your financial team.
Many of us have heard of or even own critical illness insurance on our own lives because we recognize the financial impact it could have – our healthy spouse will likely take time off of work, we may need to hire extra help around the house for our kids, we possibly need to travel to find the best care, or maybe the drugs or treatments are not covered. But many of us have not considered the impact of one of our kids having an illness. I can almost guarantee you haven’t considered buying this coverage for your kids or grandchildren as a gift! It’s hard to think about anything bad happening to our kids, but the reality is it happens and when it does, the financial impact could be catastrophic. All of the expenses listed above would continue to be a reality, but to add to it, there would probably be a drop in both parent’s incomes.
Ever wonder what the insurance application process is like? What will you need to do in order to apply for coverage? We’ve created a whiteboard animation video in order to help guide you through the steps. Enjoy!