Busy week, so I am taking a break and publishing one of my favorite posts, about Risks and dealing with Risks.
Yup, I am really talking about that, as Cancer’s ability to kill Canadians is rising, and Canadians are taking care of Cardiovascular issues more. Six out of every 10 deaths in Canada are caused by these two issues. Cancer is becoming more of a killer, is the bottom line for now.
So what the heck does this morbid topic have to do with Financial Planning issues? Maybe I’m just feeling morbid? No, but, if you look at this data, maybe you need to ask yourself the following important financial questions:
- Do I have enough life insurance so that my family can survive my death? Same question for your spouse too?
- Can my family survive financially a prolonged illness (as Cancer is capable of being)? Do I have any disability insurance?
- Do I have a will?
- Do I have enough health insurance to deal with a catastrophic illness?
If you are young and single, no it doesn’t matter that much, but if you are young and just married and planning on having kids, NOW, is the time to do this kind of stuff in place. No I am not selling insurance (and I am not advocating whole life insurance at all), but I am saying, go find out about what you need to deal with these concerning numbers about Cancer.
Hope for the best, and plan for the worst! (a wise saying).