Darlene Garat, Garat Financial Group

Darlene Garat, Garat Financial Group

Some statistics make people sit up and take notice: to rethink life and what they have done to protect it.

Like the fact that 1 in 2 Canadians will be diagnosed with Cancer. Being ‘diagnosed’ means means more people are experiencing early detection and early treatment. Which is great. Unless you have yet to buy any insurance to protect your finances, your family or your business.

The fact is as soon as the word “cancer” hits your medical profile, life insurance becomes extremely expensive (if you can get coverage at all). And most reputable companies offering Critical Illness insurance (CI) won’t even consider an application for individual coverage. Doesn’t matter if it was benign, or really minor, it is still the big “C” with insurance underwriters.

Critical Illness Insurance (CI) came into existence in 1983, originally covering only 4 diseases of which Cancer was one. Now coverage is far more extensive, and more expensive due to the high number of claims paid over 35 years.

Early detection benefits are now common on most policies, only increasing the number of claims made. The cost of CI is climbing in an attempt to keep up with claims paid, however, with the current statistic, it can’t be ignored.

Too many times the phrase “closing the barn door after the horse has bolted” fits the insurance planning paradigm. Life Insurance should be purchased when you are young and healthy, and you can get a lot for very little money.

CI might cost a little more, but if “the horse is out of the barn” (cancer or other major health event) it’s often too late to get it. Early cancer detection can put even basic insurance protection out of reach.

When you buy life and CI insurance you are not just protecting today, but investing in a more secure financial tomorrow. You may believe it won’t happen to you, but if Canadian statistics are correct, if not you, who else should you be protecting? Your spouse, children, business partners or key employees? All of the above?

GoFundMe has reported that since their launch in 2010 more than $340 million has been raised for those who did not have planning in place to protect them financially when death, disease or disability happened. And most payouts were too small to cover true costs. Make sure you examine all of your options with an experienced insurance agent and lock down that barn door.

Darlene Garat and the team at Garat Financial Group Ltd work with their clients to create real security. Contact them at 250.287.2310, or visit www.garatfinancial.com for more information.

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