Most of us know relatives or friends who were diagnosed with a life-altering illness and the enormous impact that it had on their lives and the toll it takes upon the family.
However, as a financial advisor, I must be able to see the silver lining and how my profession supports the dreams and goals of people. Every financial advisor has a flurry of thoughts and emotions going through their mind AFTER a dreadful phone call of an accident or illness. Will their long-term financial security plan derail?
Allow me to share a case of two brothers who are clients of mine, Gerald and Mayan. They actually pushed me to get them good critical illness protection policies shortly after losing their parents to illness three months apart. Their father passed after battling for years with cancer while their mother succumbed to a quick-progressing Lou Gehrig’s disease (ALS). During our meetings, they asked me point blank for a way to get some kind of financial protection from a future illness.
I went through a full financial needs analysis and listed many financial ideas for the family. Each of the two brothers had a daughter and one of the many goals for the family’s future was to put money aside to help pay for each of their daughter’s weddings – a life-long dream.
Gerald was interested in a critical illness insurance policy that would pay $100,000 upon diagnosis of a covered illness. Mayan, the other brother, took out a policy as well – $150,000. Due to certain medical factors Mayan had to pay a slightly higher premium, than his brother but believed it was worth it.
Five years after buying the critical illness policy, Mayan, on a trip outside of Canada, collapsed from chest pains and was rushed to the nearest hospital. He had suffered a heart attack. Then seven years after buying his policy, Gerald calls me from the hospital; he has just been diagnosed with a growth on his kidney that turned out to be cancerous.
Bad luck? Maybe, but life can sometimes be like that.
My point is that when I delivered Mayan’s cheque and Gerald’s I knew that they would have one less thing to worry about. I knew that I could not prevent their misfortune, but I could help them better cope. In the end, Mayan and Gerald pulled through, and they were able to pay for and enjoy their daughters’ weddings despite the years traumatic illness events.
As a financial advisor I help protect my clients and their family from the financial unknowns; insurance is one of the tools I use. Knowing that the advice I provided to the two brothers allowed them to maintain their priorities and goals for their family gives me a sense of pride and accomplishment.
If you are serious about ensuring the priorities for you and your family, please let me know how I may be of service.
Yossef M. Kurtz
Life & Health Insurance Advisor
Desjardins Financial Security Independent Network
155 Rexdale Boulevard, Suite 406, Etobicoke, ON M9W 5Z8;
Tel: 416-695-1433
