Another holiday season has come and gone: the tree has been sent to the chipper (or back into the box) and the baubles are packed away for another year. As the credit card statements start to arrive, many of us are reflecting on the amount of money we have spent over the holidays. Even though most of us overspend at Christmas the rewards of family memories usually offset the pain of paying for it. Some things are valued beyond dollars and cents.
Another thing that’s hard to put a value on is your health. Unlike Christmas that we plan for every year, our health can be gone in an instant. We all realise that yet many of us put off planning for a health crisis.
Perhaps now is the time to assess the value of protecting you and your family with Critical Illness Insurance. Consider that every year you delay the cost increases and the likelihood of a health crisis increases.
Statistics of heart attacks, stroke, cancer and other critical illnesses are not encouraging. Don’t take your insurability for granted: if you are still insurable, the good news is that you can take advantage of that now and provide much needed security for you and your family.
The truth is, it will not be very long before the current, fully guaranteed Critical Illness insurance is no longer available in Canada. Low interest rates and high reserve requirements are forcing insurance companies to reflect as to how long they can continue to provide the best CI products available in the world. As a result, prices will most likely increase, benefits and guarantees reduced or a combination of both.
What is the value of knowing that you can provide for your family even if the unexpected happens?