Does Your Financial Plan have a Safety Net?

Does Your Financial Plan have a Safety Net?

Over the years, you have been saving money to help fund your retirement by placing money in the correct funds, contributing regularly and waiting out the market fluctuations. Your financial plan is on track for your retirement date and based on all calculations, there should be enough money to have the retirement you want. So you are in a great position, right?

You may not be in as great a position as you think. Consider what could happen to your retirement savings if you were not receiving an income for months as a result of recovering from a critical illness. This could have a significant impact on your financial plan; now you may not have enough money to live the retirement lifestyle you want. You may be forced to delay your retirement, change your retirement lifestyle or even worse, sell your home to gain some cash flow.

This is where critical illness insurance can work as a safety net for your financial plan. Critical illness insurance covers much more than cancer, stroke, and heart attack; plans can cover up to 25 conditions including blindness, loss of limbs, Multiple Sclerosis (MS), burns, Parkinson’s Disease and even Alzheimer’s. All of these conditions could require extensive time off of work and can make it more challenging to grow your savings. Critical illness insurance is not just for you - what about your children? If they were diagnosed with a critical illness, you may need to take an extended leave of absence from work, once again putting your financial plan at risk.

This payout is essential for keeping your financial plan afloat, as critical illness insurance provides a source of income so you can cover medical expenses, travel expenses, mortgage payments, and any other expenses that you may have. By leveraging a critical illness payout, you can keep your financial plan intact without having to reduce what you are saving, ensuring that retirement lifestyle you have always dreamed of can still happen.

Set up a meeting today to learn more about critical illness insurance and how it can be your financial plan's safety net. Doing so will ensure the money is there when you will need it the most - don’t wait until it’s too late.