Health Insurance Can Protect Against A Major Health Incident

Phil Edney • November 15, 2019

A friend of mine came back from a holiday in Mexico and it changed his life. While there he caught a virus that caused major organs to fail. Luckily with modern medicine he was able to live through it, and luckily he was covered for most of his drug costs from his wife's Health
Insurance. But thousands of people are self-employed or employed with no benefit plan.
According to a major Life Insurance Survey, nearly half of Canadians that are facing a situation like this are struggling financially as a result. Most of us realize this but have not set aside money for this event. And even if you are covered, some still have to pay a percentage of the cost themselves.
Disability Insurance protects your income in case of illness or accident, and critical illness pays on
diagnosis of a major illness but this still may not be enough. The cost of prescription drugs have soared in recent Years. It is not uncommon to have a prescription
drug cost of $75,000 to $100,000/ YR or more.
Having to sell retirement assets, borrow from relatives or remortgage your home only adds to the stress
of your illness. Most people feel good today which gives them a false sense of security. My friend was fit as a fiddle for years, but when you feel Healthy is the time to purchase Health Insurance. It can protect against the
high cost of Catastrophic drugs and the stress it causes.

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Is Your Disability Plan Adequate?

By Phil Edney • January 17, 2020
Many people feel they have enough disability insurance if they have a policy through Worksafe or they have it on their mortgage. However, you need to ask yourself if you purchased fire insurance on your home or collision on your brand new vehicle, would you be ok if the insurance only covered to the value of your home or car. By relying on Worksafe or your mortgage insurance plan you are only covering a small portion of "your" value. Many people don't care about this because they think a disability will not happen to them anyway. Yet your chances of becoming totally disabled are far greater than your house burning down or you totaling your car .Accidents and illness are facts in life. They can happen to anyone at any time. And in a second they can change your life forever . Consider the following: Your chances of winning the lotto 649 draw is 1 in 13.9 million. Your chances of dying during your working career is 1 in 8 Your chances of becoming disabled for 90 days or longer at least once prior to age 65 is 1 in 3 . The average length of a disability which lasts over 90 days is 2.9 years. So considering all of these stats and the fact that a long term disability is more likely to happen than anything else, and your ability to earn a living is the most valuable thing you own, Why is it that hundreds of thousands of Canadians have either no insurance or rely on Worksafe or mortgage insurance as their plan? You can't afford to take a holiday from work for 2 or 3 years, so how long would your finances last if you couldn't work for that length of time. The solution is purchasing a personal disability plan that covers sickness or injury 24 hours, 7 days a week with no exclusions or hidden fine print. I say this because many plans sold today cover accidents only or have soft tissue injury, depression or anxiety exclusions. You really need to read the whole contract and understand all of the definitions and exclusions. • Can they increase the price? • Can they change the definitions? • What are the definitions of disability? • Can they cancel the contract? • Any exclusions? • How long does it pay? • How many options are available? You insure everything else, your home, car, boat, jewelry, some people even insure their golf clubs, isn't it time you looked at insuring the machine that pays those premiums? For more information go to www.disabilitycanhappen.org
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