Like many before me, I failed to plan ahead when it comes to insurance and now that I would need critical illness coverage, long term care or mortgage insurance, I’m no longer insurable. This is why planning ahead is a must. I am sharing my story in the hope that you will learn from my mistake and not go through the same issues.
Why Insurance Should be thought in School?
It’s really important to plan ahead for the future when you are healthy and autonomous. I know from experience that it can be very difficult to imagine that you are going to be in a situation where you would need these coverages. We always think that there is more time to take care of this later. It’s really something we should be thought in high school. The instant you have a REER and effectively started your retirement planning, you should see an insurance broker/financial adviser and asked about the different type of insurance policies. Trust me when I say that illness and accident can happen to anyone and change your life forever.
Why you may find yourself unemployed?
The fight for survival is a lot more difficult without these insurance policies. You may not be ready to ask for disability leave. You may not be able to afford going on long term disability. If you do feel overwhelmed and ready to ask for long term disability, the government may judge you still able to work and refuse you. Unfortunately, not many employers are willing to hire and keep an employee with absenteeism issues due to incurable chronic illness. There are laws in place to protect people with disability on the workplace. Unfortunately, they are too many work around. Having options, a plan B, always makes life easier.
In conclusion, don’t make my mistake. If you are young, healthy and autonomous, at least get informed on the different coverages available and why they could come handy later on. The more you wait the more chance you will have that your policies will be more costly or that you won’t be insurable.