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Insurance – why do you need it?

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A growing number of people do not have life-, disability-, critical illness- or any other type of insurance. Some feel it is a waste of money. Some just don’t get around to doing it, much like a will this gets put on ignore. I understand why, it does seem a bit morbid to ‘plan’ for death, disability or sickness! However, they are a reality we all face.


We work hard to look after our families. We make sure they have the latest tech stuff, a good education, nice clothes, stimulating activities and more. But what if you are no longer able to do so? This can be the result of an accident, sickness, and worst case scenario your death. What can you do to protect your loved ones from financial hardship?


While money will not replace what you have to offer your family in emotional and spiritual support, it can help with financial support. If a family has to face a loss, no matter what kind, it is harder to face if they are unable to pay the bills or provide proper care for the suffering loved one.


I know from personal experience a family is devastated by the illness and/or loss of a loved one. A family member was diagnosed with terminal cancer at 27 years old (one of the people in the picture) and we were devastated! It is probably the worst thing a family will ever experience and again no amount of money can replace the loss. However, if you have insurance your family can still look after you in case of an illness, or in the case of your death you can still look after your family.


Critical illness insurance can provide your family the funds to get you proper medical care – not everything is covered by provincial medical plans. There would likely be loss of your income and perhaps your spouse’s income, travel costs, hotel bills, restaurant meals, special medical equipment, and so much more. Your family and friends will pitch in and help of course and I know there are things like Fundme to help with costs, but this may not be enough and could become burdensome if your family and friends are already at their financial limit.


The same applies for life insurance, people will be happy to help, but it may not be enough. By having life insurance you will still be able to look after your family. It can cover everyday living expenses, send your kids to school, pay off your mortgage, provide peace of mind, and much more.


Since the younger you are the less it costs, consider getting life insurance/critical illness insurance sooner than later. Depending on the type of insurance you choose it may only cost dollars per day and premiums may not increase. As to how much you need it really depends on your personal circumstances. Purchasing life or critical illness insurance can be an emotional issue so a qualified Life Insurance Advisor can help decide how much is right for you and your family.