If you live paycheque to paycheque, worrying about what might happen to your finances if you have a health scare is only natural. What if you become ill and can’t work? What would happen to you and your loved ones if your pay stopped?
A delay in pay for even a week would put 57% of Canadian workers in financial difficulty, according to a Canadian Payroll Association Survey. And for workers aged 18 to 34, that number rises to 63%. For single parents, it’s even higher, with 74% in the same situation.
And that’s just one week’s pay. What would you and your family do if your pay was interrupted for a month or longer due to a serious illness, disability or death?
Consider disability, critical illness and life insurance coverage. A few years ago, this would have meant three separate policies with different premiums. Today, you have access to bundled insurance solutions with multi-insurance coverage and one premium. In this case, the best option would be a package that bundled disability, critical illness and life insurance policies into one easy-to-manage plan—at one affordable price.
Ask yourself these questions to consider a bundled insurance solution:
- Do you have life, disability or critical illness insurance coverage to help you replace your income if you’re unable to work due to injury, illness or death?
- Do you already have an insurance policy that allows you to bundle the three major risk protection products (life, disability and critical illness insurance)?
- Would you want money that could be used to replace lost income, pay off an outstanding mortgage or other debts, or start saving for emergencies?
Bundled insurance solutions can help you save money and save your loved ones from living with financial worry, especially during times where other stresses like poor health may be a factor.
Note: Since each person’s situation is different, you may want to speak to an advisor who can help you with your insurance and investment choices before you make a decision. This article is for informational purposes only.
Read more on this topic:
Solutions for Financial Planning, Spring-Summer Edition 2012, pages 24-28