Critical illness - Withdraw RRSPs? Or is there another solution?
What have you done to help protect your client’s financial health if they suffer a heart attack or are diagnosed with cancer? Is your client protected if he or she is unable to work during recovery or has to deal with other unexpected costs?
What would your client do? And where would the funds come from? Many would consider using their savings linked to their retirement income plan. They are available and relatively easy to access.
An article, published recently by The Globe and Mail (Illness and disability costs forcing Canadians to dip into their RRSPs) highlights the increasing trend that Canadians are accessing their RRSP funds to help pay for unexpected costs associated with an illness or disability. It’s a reality many Canadians are facing, but the good news is there are other solutions that can help protect your client’s financial health.
For example, your client can purchase critical illness (CI) insurance to help protect their retirement savings. Manulife’s Lifecheque provides a lump-sum benefit if your client is diagnosed with one of 22 covered conditions and satisfies the waiting period. The money can not only help your client cover unexpected costs, it helps maintain the integrity of their retirement plan.
But how can you show your client how insuring today can help protect their retirement income goals in the future? It’s easy… with Retirement Protection.