“It won’t happen to me”

Every time I meet a client, my mind thinks about all the pillars that should be included in their financial plan. For example, retirement planning, investment planning and, of course: emergency planning.

Emergency planning usually starts with saving in a no-risk vehicle such as a regular savings account at your local bank (maybe with 3 to 6 months of monetary obligations). A good emergency plan shouldn’t end there. Savings should be where you find a short-term solution while you figure your situation out. An emergency can range from a leak in the ceiling of your kitchen, to your car breaking down, to being sick or disabled. 

So, what if you get sick or disabled? What if you get a critical condition such as Cancer? What if you not only have your regular monthly expenses but also have to support expenses related to travels and accommodations while you get treated? What if you suffer a stroke, and end up needing physiotherapy to relearn to walk, talk, and dress yourself? What if you had a heart attack?

But, “it won’t happen to me” … well, what if it does?

Last year, for the first time as an insurance agent, I had to help two of my clients submit cancer claims. It hit me hard for 2 reasons: 

1. My job had a meaning: my clients needed coverage and I showed them what they could apply for. They followed my recommendations and adjusted their monthly cash flow to pay the monthly premiums. 
2. Not only were these people my clients, they were my friends. I wanted them to have the moon. I wanted them to get better and soon. I knew they were going through a lot emotionally and that I could help lower the stress of the financial burden. 
    

Did you know

• In 2014, approximately 137,000 Canadians (excluding Quebec) were diagnosed with cancer. Between 1992 and 2014, the number of new cancers diagnosed increased 59%, from 86,000 to 137,000.¹
• About 741,800 Canadian adults aged 20+ live with the effects of a stroke (2012/13), 365,000 men and 376,800 women.²
• One-quarter of Canadians living with stroke are under age 65.
• About 1 in 12 (or 2.4 million) Canadian adults age 20 and over live with diagnosed heart disease.
• Every hour, about 12 Canadian adults age 20 and over with diagnosed heart disease die.³
   

Think about the people you know. Do you know someone who beat cancer? Someone who is attending physiotherapy to address motor function loss due to a stroke? Someone who is returning gradually to work following a heart attack? I know at least one in each of these categories. I am financially prepared with a critical illness insurance in case one of the 26 conditions happened to me. Are you prepared? Let’s start working on your emergency financial plan today!

Source: 
1. https://www.canada.ca/en/public-health/services/publications/diseases-conditions/fact-sheet-cancer-canada.html
2. https://www.canada.ca/en/public-health/services/publications/diseases-conditions/stroke-in-canada.html
3. https://www.canada.ca/en/public-health/services/publications/diseases-conditions/heart-disease-canada.html