Protecting what you work for

Safeguarding your family’s lifestyle with insurance

When you first started working, you may not have given insurance a second thought. However, as you enter your peak earning years, you have a lot more to protect. It’s likely that you and your family depend on your salary for the lifestyle you enjoy – and life, critical illness and disability insurance can help protect that lifestyle if you are unable to work.

The number one cause of bankruptcy in Canada is an unexpected and uninsured illness or injury. That is why I placed “Regulate Risk” as number 2 in my Six Steps to Financial Freedom. If you haven’t already subscribed to this page and received your free copy of my e-book of the same name you can request it here.

There is a lot of confusion about the various types of personal risk insurance on the market so here is a quick primer of the three most common types of insurance and how they work. Contact us any time for more information or to schedule a FREE, no obligation consultation.

Life insurance

Life insurance is important for everyone, especially if you own a home, have children or are responsible for other family members. How much you need depends on factors such as you debts (e.g., your mortgage), education goals for your children and other income needs. Here are two of the most common types of life insurance:

Permanent life insurance (also known as whole life and universal life) provides protection for life, as long as your premiums are paid. In some cases, you can accumulate a tax-advantaged investment or cash value that may increase the amount you leave to your beneficiary.

Term life insurance provides protection at a guaranteed rate for a specific period of time, typically 10 or 20 years or to age 65. The policy is renewable at the end of the term, though the rate will be higher. This type of insurance is often used to cover a financial obligation that will disappear in time, such as a mortgage.

Critical illness insurance

Even though survival of heart attacks, strokes, cancer and other critical illnesses is increasing, recovering from such setbacks often requires weeks or months away from work. Extra costs, such as alternative treatments and accessibility modifications to your home, may not be covered by your provincial health plan.

Critical illness insurance provides a one-time cash benefit if you’re diagnosed with one of the conditions defined in your contract. The benefit can help support the day-to-day needs of you and your family while you take the time to access treatment get well and return to work.

Disability insurance

Relatively common conditions such as depression or osteoarthritis may prevent you from working for a period of time. So can a serious car crash or back injury.

Disability insurance provides monthly benefits to help replace your salary or wages after an accident or illness. This type of protection is especially important if you job is your family’s primary source of income or if you run your own business.

Do you have enough coverage?

Keep in mind that, even if you have insurance through a benefits plan at work, it may not be enough to maintain your family’s current standard of living in the event of your death, critical illness or disability. An individual policy can help top up your benefits – and stay with you if you change jobs.

Check out the insurance calculators provided on our product pages to find out how much insurance you may need and the potential costs. Contact us any time to schedule a FREE, no obligation consultation.

What are you doing here ________?

So I signed off last time with a question.  What are we doing here?

God asked Elijah that question after he had spent the night in a cave and lived through a massive storm, earthquake and fire.

The LORD said, “Go out and stand on the mountain in the presence of the LORD, for the LORD is about to pass by.”

Then a great and powerful wind tore the mountains apart and shattered the rocks before the LORD, but the LORD was not in the wind. After the wind there was an earthquake, but the LORD was not in the earthquake. After the earthquake came a fire, but the LORD was not in the fire. And after the fire came a gentle whisper. When Elijah heard it, he pulled his cloak over his face and went out and stood at the mouth of the cave.

Then a voice said to him, “What are you doing here, Elijah?”  [1 Kings 19:11-13]

I have got to tell you, that is one bad night.  I imagine it like this; Elijah sets up camp outside in the mountains and gets ready to meet God, he’s probably wearing his best robe and looking as holy as he can, you don’t meet God in ratty old clothes.  Maybe he even brought some gifts, I know when I go and meet someone important I like to bring a nice bottle of wine or something, but what do you give God?  He not only has, but created everything.

While Elijah is waiting it starts to rain so he moves into a cave, as the storm intensifies outside Elijah get’s comfortable again but then the ground, walls and roof of the cave start to shake so he runs back outside, only to find that a lightning strike has set off a raging forest fire.  So he heads back into the cave, just to the edge this time though, so he can get out quick if it start to shake again.  While he’s standing there, no doubt kind of freaked out, getting his best robe dirty and wondering what’s taking God so long he hears a quiet voice.

Hearing any kind of voice amidst all of that chaos must have been remarkable enough but I don’t think that’s what really got Elijah’s attention as much as what the voice said. “What are you doing here Elijah?”

Well duh; waiting for you like you said!  Then it started to rain, and there was an earthquake and a forest fire and I had to run back and forth to keep dry or keep from being crushed or burned alive! I’m wet, I’m dirty, I just about got killed and where have you been anyway?!?!!

The more I think about this scene I wonder if Elijah really was waiting for God at all or just running around in the wilderness, taking matters into his own hands and trying to stay alive.  If it were me, somewhere between the first thunder clap and the first trembler all waiting would be over and I’d be in full on survivor mode.  Screw God, I’ve got to take care of myself.

So God shows up in the middle of all this chaos and asks “what are you doing?”

Why did God ask that?  Probably because Elijah wasn’t doing what God told him to do.  God told Elijah to wait.  Wait through the storm, wait through the earthquake and wait through the fire. I am coming, wait for me.

Waiting is hard enough but waiting through the storms and earthquakes of life and continuing to trust in God’s protection is even harder.  We all could stand to learn a bit more patience, especially in times of trouble because when God shows up He’s just going to ask us what we’re doing anyway. And honestly, that’s not a question I want to answer.