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:

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:

Manulife Financial Advisor Focus, Fall 2011, pages 10-14 (PDF)

Solutions for Financial Planning, Spring-Summer Edition 2012, pages 24-28

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