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Don’t let illness devastate your finances too

by | Jan 22, 2012 | OTHER, SELF-PUBLISHED

Q – I am a single working mother and would like to put an investment plan or saving plan in place for emergencies. My friend’s daughter was just diagnosed with cancer, and they are now near financial ruin trying to cover the unexpected time off work and travel expenses to see specialists. I want to avoid this type of situation. What is the best way to save for something like this? – Jennifer B., Grimsby, Ontario


A – I am so sorry to hear of your friend’s plight. I always recommend saving at least six months of living expenses for an emergency fund to cover unexpected expenses. I know it is sometimes difficult to do this. So if money is tight and you are looking for immediate protection, think about obtaining critical illness insurance, at least on the life of your child. This type of insurance provides a lump-sum benefit in the event that an insured child is diagnosed with a covered condition and survives, usually a period of 30 days from diagnosis.

The lump sum benefit from critical illness insurance can be used for you to take time off work to be with your child, pay the costs of special care, travel expenses to see specialists not in your area, and to make any other payments of your choice. There are different options you can select, such as return of premiums if you never make a claim, as well death or surrender options. You will need to speak to an insurance agent to learn about the alternatives and various options available, and to ensure this product is suitable for you. – R.T.

© 2021 by Robyn K. Thompson. All rights reserved. Reproduction without permission is prohibited. This article is for information only and is not intended as personal investment or financial advice.

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