11/22/2019
What's on my mind: Cancer and insurance. I've been doing what I do since 2013, and in that time I've only had two clients make insurance claims. (I'm thankful for that, although I think the reason my claim numbers are so low is that the majority of my clients are young families.) In both of the claims, the client had malignant cancer. :( In the first one, she had an old cash value life insurance policy that she had been paying into for years... when she found out she had cancer and would need aggressive treatment, she called me to see if she could access the cash value in her policy to help pay for her stay at the cancer lodge and other expenses related to her treatment. And yes, we were able to pull enough cash from her life insurance policy that she did not have to add financial stress to the emotional, mental, and physical stress that she was already under. This was a massive eye-opener for me; it was the first time I was seeing a *life* insurance policy being used like a critical illness policy, and I thought, "This is exactly what we tell people the cash value policies are supposed to do--to be a lifeboat--and it's doing its job."
Now, a few years later, I have another client making a Critical Illness claim for malignant thyroid cancer. This is going to provide her with $100,000 tax free to pay for her treatment and living expenses while she focuses on doing what she needs to do for herself, her health and her family.
It's not lost on me that it has been cancer both times. Cancer is so rampant in our world these days and even in Canada with our excellent health care system, it doesn't come cheap. This is why I believe wholeheartedly in critical illness insurance--just as much as in life insurance. It's inexpensive and it's there for you if the worst happens. I have a policy for myself and it's non-negotiable, because I believe so strongly in it. I'm covered not just for cancer, but heart attack, stroke, MS, Parkinsons, and a number of other possible conditions.
Think about it, and talk to your advisor for more information.
