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Preparing for the unexpected

Car dealers or managers allow customers to sign documents and car sales agreements with insurance. Document signing and credit approval Concept.

By Finbar Garcia LUTCF, FSS, MFA

We just came out of Life Insurance Awareness Month. So, how prepared are you for any of life’s unforeseen events that could cause immediate financial difficulties to you and your family?

Let me shift my focus away from death, which is Life Insurance because nobody ever likes to hear that topic. Am I correct? And let’s look at Living Insurance.

Sounds strange? Is that even possible, something called Living Insurance?

Do you know every month, there are certain days, a week or the entire month dedicated to specific medical conditions that can affect any one of us at any time.

Being prepared and knowledgeable of these conditions in advance can greatly assist you and your family in financial preparation for the unforeseen.

Living Insurance, also known as Critical Illness Insurance, is designed to take care of your medical condition, living expenses (at least three years of mandatory bills) and post-condition rehabilitation.

In determining if you will need or qualify for this living insurance, you will need to factor in these critical areas:

  • Your current and past medical history and age of onset of any condition
  • Your immediate family, medical history, and age of onset of any medical condition that may be hereditary, like diabetes, hypertension, and those that run in the family: cancer, heart disease, stroke and kidney failure just to name a few
  • Age of death of any immediate family that died from any of those conditions mentioned

To qualify for this Living Insurance, you will need to have a proper financial assessment completed along with some medicals based on the coverage required.

While you may be in perfectly good health, the underwriter may still request some additional test or even add a premium rating because of family medical history, more so, if it appears to be hereditary issues within the family or if you appear to be overweight (BMI Test). These are factors that increase the risk of becoming critically ill.

Living Insurance is becoming more and more in demand, as persons are now realising the importance of having this type of coverage.

While some persons depend only on their group or individual medical plan, it should be noted that your medical plan will most likely detect any underlying medical issues first and will cover those initial cost.

However, when you need that large outlay of money to pay for the treatment or surgery, because you were diagnosed with a critical illness, your Living Insurance policy will now be activated to fill that void, and still afford you the comfort of knowing that your monthly commitments will still be paid, a benefit that no group or individual health plan covers.

Your group or individual health plan will still be there to take care of all other basic expenses that the plan entails.

October is Breast Cancer Awareness Month, along with liver cancer awareness. I have attached a list of other medical awareness months, so you can research these based on your immediate or family medical history.

Remember, prevention is better than cure.

The cost associated with health care today is ridiculously high, and having to access the public medical institutions could be further delayed because of the demand for treatment for conditions of critical illness, among other things.

While I’m not a medical doctor, many times I come across clients with conditions that I mentioned, and because of prudent financial planning and having their Living Insurance policy issued long before, they were able to continue living comfortably enough to see their children’s success in life.

There were the unfortunate few that eventually died because of not investing in the Living Insurance Policy.

Stop depending on charity, fundraisers or even a GoFundMe account to finance your medical conditions or expenses.

Is your life, or that of your loved one’s worth depending on others for help? While money can’t buy everything, it certainly can afford you a decent health care and a longer time with your family.

“Look to your health; and if you have it, praise God, and value it next to a good conscience; for health is the second blessing that we mortals are capable of; a blessing money cannot buy” Izaak Walton (1593–1683).

Call me for more information on planning your financial future. Send your questions to myfinancialadvisor2020@gmail.com or call 620-1185.