Create a foundation for a healthy financial future
When building a house, you always start with a solid foundation. It makes sense to do the same when building a financial plan.
We can’t always predict or prevent difficulties in our lives, but we can still plan for some of the unknowns. When building a financial plan, it’s important to first take care of the “non-controllable events.”
You can take steps toward having good health or a long life, but you’re never completely in control. Most people have recognized the value of life insurance. It’s just as important to recognize the value of health insurance.
If you became seriously ill, what would happen? How would your family cope? What would happen to your finances? According to the 2013 Sun Life Canadian Health Index, 40 per cent of Canadians faced financial hardship after a serious health event and financed their health crisis in the following ways: