Some thoughts while we wait for WCS to hit $115 again (post #4)
Updated: Apr 22
At long last, I’m here to make the penultimate post of our “Waiting for WCS to hit $115 Again” series. So far in this series we’ve talked about the following:
1. What your retirement may look like if your compensation/retirement package is altered
2. What your lifestyle prior to retiring may look like if you enter periods of unemployment or your family suffers the premature loss of an income earner
This post is going to address what happens if you become ill during your working years. I find that while many families with financial plans are prepared for what happens, financially speaking, if they suffer the premature loss of an income earner most are not prepared for what happens if that same income earner had become ill. In my opinion, this lack of preparedness can be largely attributed to the fact that even the worst group plans often provide at least a few hundred thousand dollars of life insurance while, on the contrary, many of the best group plans only offer up to twenty five thousand dollars of critical illness insurance.
What I am trying to point out is that, at least as much so as the loss of an income earner, becoming ill during your working years can derail almost any financial plan and therefore it is imperative to have a plan for what happens if you (or another loved one) becomes ill during this time. How can you plan for this? What is the solution this problem? Insurance. I know it’s a dirty word but until you reach the point of being self-insured as a result of having enough assets built up to live on, critical illness insurance is virtually your only method of ensuring your family’s ability to withstand a primary income earner suffering a critical illness (financially).
And with that, now that I’ve brought all of your moods down to a negative ten, I’ll see you next time for the concluding post to this series.