Protect yourself and your family

You care for others. Do you care for yourself? In our topsy-turvy world, we can’t rely on the traditional support of family and society. We must prepare to look after ourselves first.

Here are the three essentials whether you’re single, common-law or married.

Disability Insurance

If you can’t work because you’re injured or ill, what happens to your income? What happens to your expenses? What if you don’t recover? How long would your emergency fund last?

Disability is your most likely risk during your working years.

Critical Illness Insurance

Critical illness insurance is also very valuable for women. The top three causes of claims are:

  1. Cancer

  2. Heart attack

  3. Stroke

Long Term Care Insurance

Long-term care insurance can provide lifetime income if you can’t look after yourself. That usually means:

  • you can’t perform two or more activities of daily living, or

  • you have dementia, including Alzheimer's.

Women tend to look after their parents, siblings or spouses who need long-term care.

Suppose you provide long term care for your spouse. This can deplete the savings intended for both of you. Your health can also suffer from the stress and demands. Imagine that you’re the survivor with poor health and less savings.

Long-term care tends to be needed later in life and women live longer than men.

Life Insurance

Life insurance also has value but not as much as living benefits — insurance for disabilities, critical illness and long term care. Because the risk of mortality is lower, life insurance costs less for women.

Life insurance has value if you have financial obligations like a mortgage, dependent children or a partner.

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