DI in the News – Olympic Edition
Six-time Olympic cycling champion Chris Hoy, age 48, revealed Saturday that he has terminal cancer and has been told by doctors he has “two to four years” to live. A scan revealed primary cancer in his prostate which metastasised to his shoulder, pelvis, hip, spine and ribs.
Combining Critical Illness insurance and Individual Disability insurance can provide a robust financial safety net in case of serious health issues or injuries. Here’s why:
Critical Illness – Lump Sum payments and coverages for major illnesses
Individual Disability Insurance – To have Income replacement in case you cannot work while getting treatment due to the cancer. You also have long-term income security.
By combining the two, the Critical Illness coverage can help your finances while you go through your Individual Disability Insurance elimination period. Together, these insurances cover both immediate and ongoing financial needs, helping you manage large medical expenses and maintain your standard of living.
By having both types of insurance, you can better safeguard your finances against the unpredictable nature of serious health issues and disabilities.
Why Risk it?
Becoming disabled can limit your earning potential. Avoid the scary stuff.
Disability in the News:
Singer-songwriter Matthew Sweet, age 60, suffered a debilitating stroke while on tour in mid-October.
He will be at a specialized rehabilitation center, where he will receive around-the-clock care and therapy for six weeks. He will then require months of treatment and rehabilitation that we hope will lead to a full recovery. Needless to say, the costs for all of this treatment will be overwhelming. We anticipate a total close to a quarter of a million dollars.
As we age, the likelihood of experiencing health issues that could impact our ability to work increases. Despite this, many older adults overlook the importance of individual disability insurance. Here are several reasons why maintaining this coverage is crucial, even in later years.
-Financial Security
-Protection Against Unexpected Health Issues
-Maintaining Quality of Life
-Peace of Mind
With anticipated costs up to $250k in medical expenses, how long would a life-time of savings last under those expected bills? Individual Disability Insurance would help the monthly income coming in and help pay those future bills and not deplete a life-time of saving.
Residual coverage is a valuable benefit for individuals returning to work after a disability. One can receive a portion of their benefits even if they can only work part-time or with reduced duties. It can help bridge the income gap caused due to reduced earning capacity, making the transition back to work smoother and more sustainable.
Give us a call and we can help you determine if this is a benefit you can include in your plan.
Keeping Your Lifestyle Stable, Even When Life Isn’t 🛡️
Life’s unpredictable journey can take unexpected turns, affecting not just our health but our ability to maintain the lifestyle we’ve worked so hard to build. The question often lingers: “If I become disabled and can’t work, how will my life change?”
Think of disability insurance not just as a safety net, but as income insurance. It’s about ensuring that, should the unforeseen happen, your ‘income’ continues to flow, keeping your lifestyle stable and your peace of mind intact.
Because it’s not just about if you can keep going—it’s about ensuring you can without compromise. 🌟
