My financial chronicle
Avoid the “should've” blues
Almost everyone knows someone whose life has been upended by a temporary, extended, or even permanent disability. Apart from the resulting emotional turmoil and lifestyle disruption, financial concerns unfortunately often add to the burden. We can't help but wonder, “What if it had been me? Would I have enough financial protection for my family and me to maintain the same lifestyle?”
A simple check for peace of mind
Fortunately, since you are a public or broader public sector employee, you benefit from a group policy that probably includes salary insurance to cover you in the event of disability. Depending on your policy, you're guaranteed a percentage of your regular salary if you are unable to work due to disability. Using this percentage, you can calculate whether you would have the income you need to maintain your current lifestyle.
This check is even more important when you consider the possibility of permanent disability. Indeed, if you think about how much you'll earn over your entire career, the amount is staggering! Your disability insurance therefore protects a very large sum of money, and the amount you pay through your group plan is just a drop in the bucket, relatively speaking.
Act early for peace of mind
Still, this coverage may not be enough. But pair it with proper coverage for death or critical illness and you'll be ready for anything that comes your way. That's why many people, even if they're covered by a group plan, still opt for the additional coverage of a personal insurance policy. But with age, the cost of this additional coverage increases, while insurability becomes less certain. It is therefore best to be proactive and take the necessary steps as soon as possible.
Since the services of a financial security advisor are available free of charge right at your workplace, why not take advantage of them now? A simple meeting with me will help you answer many questions. Together, we'll look at the steps you can take to give you peace of mind and keep you from one day singing the “should've” blues.