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“Mutual Funds Provided Through FundEX
Investments Inc.”
 Will
Your Financial Security Depend On a Garage Sale?
One of the most neglected areas of Financial Planning for the
self-employed and small business owner is Income Protection. People just don’t take
the time to consider a contingency plan in the event of suffering a disability or critical
illness. There are two main reasons why this is not important to people.
1) They are unaware of how little it costs to secure their future.
2) They don’t think they will ever become disabled or sick.
Life does happen to all of us and Income Protection should be a
priority in your financial planning. During a recent trip to Quesnel, BC, I heard of a
situation that occurred to a local realtor. This young man of 31 years was involved in a
trail bike accident that left him with a brain injury. It was a very sad story that was
made worse by the lack of proper medical attention and facilities in this Northern BC
community. The end result is this young father will be unable to work and earn a living
for his family for a very long period of time, if ever again.
I learned of this unfortunate accident by chance when I inquired about
a garage sale event that was taking place in a downtown Quesnel parking lot. It was
heartwarming that the community rallied for this young man and his family by having a
number of fund-raising events to help offset their financial catastrophe.
However, it is also very unfortunate that this young realtor
didn’t have the proper Income Protection in place. It would have relieved the
financial burden his young wife and extended family will now face.
Income Protection refers to Disability and Critical Illness Insurance
Coverage. Disability insurance replaces your income if you are unable to work because of
an accident, injury or illness. Critical illness insurance will pay you a one time tax
free lump sum if you are diagnosed with a covered illness such as cancer, stroke, heart
attack, MS, paralysis, etc.
Please don’t ignore your Income Protection needs, unless of course
you are comfortable with “Garage Sale Financial Planning”.
What contingencies have you made in the event of an accident or
illness?
For more information, call or email Laurie Tregaskis,
CFP at 403 290-0940 or ltreg@telus.net
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