As the old adage goes, money can’t buy your love, but it can buy you time with the ones you love when you need it most. We all hope to have a long and healthy life with lots of time with family and friends. Sometimes, however, life has different plans, and a little planning can ease the financial burden at a time when the last thing you should be thinking about is money. Critical illness insurance is one option to account for the unforeseen future.

A long-term client found himself in exactly this situation. While diligently working on their retirement plans, one of them was diagnosed with terminal brain cancer who passed away 37 days later.

Fortunately, during financial planning sessions, we discuss and include critical illness coverage in your pool of insurance and group options. This allowed the family to spend their limited time together and have adequate time to mourn the loss of a father and husband without worrying about finances.

Critical insurance pays a lump sum benefit if you are diagnosed with a dreaded disease such as multiple sclerosis, Alzheimer’s, cancer, or Parkinson’s disease. Other covered conditions may include coma, stroke, heart attack, and kidney failure. Benefits are paid on the first occurrence and can be used to pay for medical expenses, modify your home, or even take vacations.

There are many versions of critical illness insurance available, and different insurance companies offer different coverage. Be sure not to let premiums be your guide in choosing the right coverage for you and your family. Talking to a financial planner can help you navigate the rough waters of ensuring your future needs are met based on your family history and future goals.

Due to the aforementioned situation, the children of this couple have now been meeting with their financial planner on a regular basis to develop their own financial plans and ensure that their inheritance and financial affairs are well taken care of. First-hand experience has shown them that a little planning goes a long way.