3 Steps to Financially Protect Your Family from Diabetes
On Nov 25th 2013, Global News reported that over 9 million Canadians either have diabetes or are pre diabetes. This increase in diabetes results in 42,500 Canadian deaths each year.
Take these three steps to protect yourself and your family from the devastating effects of diabetes.
Step 1: Prevent Onset
The first step is to reduce your chances of getting diabetes in the first place. The most important part of this process is to ensure that you’re eating healthily. Beyond that, there are many ways to fight the battle against diabetes.
Step 2: Protect Yourself & Family with Critical Illness/Disability Insurance
It is common for diabetics to find themselves in a position where they can no longer work. In this case, it’s dire to have a sufficient alternative source of income to look after your family. Since it’s very difficult to qualify for critical illness insurance after you are diagnosed with diabetes, it’s important to purchase the insurance policy ahead of time.
There are many options available depending on your occupation, income requirements, and health. Consult an insurance professional to see what your options are or do some research on your own. The important thing is to get it while you are healthy.
Step 3: Protect Your family with Life Insurance
Take a careful look at your family’s financial needs to decide what insurance policy is right for you. A term 10 policy is problematic in that you need to re-qualify for the insurance every 10 years. If you have developed diabetes in the interim, you might not qualify for a new policy and be forced to renew the policy at up to six times what you are currently paying.
Most people under the age of 40 should have a base of term 20 or longer insurance to cover the minimum requirements for the next 20 years and then add some term ten to cover short term needs like younger children at home for a period of time. This combination of term 10 and term 20 or even term 30 insurance is referred to as layering, as it covers a large amount for the first 10 years and then the coverage drops every ten years as the need drops. The key reason for this is that you avoid the risk that you will be unable to qualify for a new policy due to your health in the future. Diabetes is one of the prime reasons people have to pay extra premiums.
Insurance is only one or two percent of your income when you are healthy, but it can be several times that if you develop a condition like diabetes. The time to act is now.