Have You Got Your Safety Net In Place?

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We live in the best place on earth and enjoy a wonderful lifestyle.  Don't you agree?  Craig thought so too.  He and his wife had a nice home, they were young and healthy, and, were the proud parents of a new baby boy.   It couldn’t get any better.  In fact, he and his wife had agreed that she would stay at home to raise their child as this was the most important thing that they could do for the family.  Craig would be the breadwinner, and with the start up of his new painting business everything was going to be smooth sailing.  Or was it?   Besides enjoying family life, Craig was a young man who liked to stay in shape and also participated in sports.  He was an avid mountain bike rider, and in winter was a down-hill skier.  But wait a minute.  What if something was to happen to Craig?  What if he had a spill on the steep and technical bike trails, or what about those black diamond ski runs he craved?  He was a hard worker, but he played hard too.

Several years earlier when Craig and his wife purchased their new home, he had talked with an insurance broker about the benefits of private insurance, and they had each purchased an individual policy.  Now with the birth of their son it was a comfort to know that if they died their named guardian would have almost immediate access to funds for their child, without having to wait for probate.  He could rest easy.  Or could he? 

You guessed it, he injured himself mountain biking, very badly breaking his leg and his collar bone.  He was going to be laid up at least six months.    How would he pay the mortgage and other bills for the next six months?  How would he pay the business overhead expenses each month that continued whether he was working or not...   In this case, luckily, Craig had consulted his life insurance broker when he started his new business and they had discussed a number of options.   Based on the life insurance broker’s analysis of their needs, Craig decided that he needed to purchase disability insurance for himself that would apply 24/7, which meant that his income would be protected if he was injured on or off the job.  He also elected to add the overhead expense coverage to pay his on going monthly expenses.  This story has a happy ending. Craig was able to take the time he needed to recover knowing that his disability insurance would provide the income to pay his bills and that his family’s lifestyle was protected.

Take the time today to talk to a licensed life insurance broker about safeguarding your family’s lifestyle and make sure your safety net is in place.

Bonnie Whipple is a licensed life insurance broker associated with Parkville Life Benefits Ltd., which is a division of Parkville Insurance.  She may be contacted at bonnie@parksvilleinsurance.com or 250 248-5784