tchavdar elenkov, ba econ, cfp insurance and financial advisor chances are you’ll recover chances...
TRANSCRIPT
Tchavdar Elenkov, BA Econ, CFPInsurance and Financial Advisor
Chances are you’ll recoverChances are your retirement plans won’t
Agenda
Getting better costs money
Planning for the unexpected
The impact on retirement savings
Getting better costs money
G E T T I N G B E T T E R C O S T S M O N E Y
Likelihood of getting sick
Medical advances & healthy living
Longer life expectancy
It can happen to anyone
G E T T I N G B E T T E R C O S T S M O N E Y
The good news is that you will likely recover !
FACTThe risk of being diagnosed with a critical Illness before the age of 75 is higher than your risk of dying in that time.
The costs of getting better
G E T T I N G B E T T E R C O S T S M O N E Y
Unexpected and significant costs
Costs not covered by provincial or employee health plans
Critical illness insurance can help!
G E T T I N G B E T T E R C O S T S M O N E Y
Provides cash benefit that can be used to: Find the best health care available Hire a nurse or caregiver Pay off your mortgage Provide income when you can’t work Protect your retirement plans Make sure your business survives Take a vacation
Planning for the unexpected
P L A N N I N G F O R T H E U N E X P E C T E D
Why get critical illness insurance?
Allows you to plan for the unexpected
Possible Return of Premium option – you’ve got nothing to lose!
How do I know which plan to choose?
P L A N N I N G F O R T H E U N E X P E C T E D
Look for a plan that offers: Best coverage for you
A partial benefit if your condition isn’t life threatening, but life altering
The ability to receive the benefit upfront
Return of premium options
The impact on retirement savings
What if you don’t have insurance?
I M P A C T O N R E T I R E M E N T S A V I N G S
Required to work longer
Diminished lifestyle during retirement
Meet Joe & Mary
I M P A C T O N R E T I R E M E N T S A V I N G S
Joe had a stroke at 45
Costs exceeded $100,000
Required to dip into RRSPs
Unrealistic to retire at age 65
Don’t let this happen to you
I M P A C T O N R E T I R E M E N T S A V I N G S
Adding critical illness insurance to your financial plan makes sense
Get peace of mind knowing that if you get sick, you can focus on what really matters … getting better!