In the journey of life, we may face challenges and unforeseen circumstances that can shake our very foundation.
Even though most people would rather not think about death or critical illness, it can wreak havoc on a family’s financial stability. Corey Quinlan, owner of Corey Quinlan Insurance Agency in Bradford, has been in the insurance business for nearly 20 years. He has seen first-hand how devastating it can be when a source of income is suddenly lost. Quinlan says, “People are quick to protect their $50,000 vehicle or their $1,000,000 home with insurance coverage, but a lot of people forget about themselves. If you or your family members are gone, everything else just doesn’t matter.”
Quinlan and his fiancé have two young children and he says protecting their future is a priority. “If you’re not there, where will they get the income to ensure they are living the life that you want them to live.” Insurance is a shield against the potentially catastrophic consequences of unexpected events.
It won’t happen to me
If you drive a car or have a mortgage on a home, insurance coverage is mandatory. But Quinlan says, A family protection plan should be part of a non-negotiable safety net. When people are younger, they may think that they’re invincible and nothing bad will happen to them. People do not like to think about their own mortality.” But statistics say you should. In 2021 alone, nearly 1,800 Canadians were killed in motor vehicle accidents alone.
If a primary breadwinner passes away unexpectedly, the family is dealing with profound grief and the harsh reality of financial insecurity. Quinlan says, “Without a safety net in place, the surviving family members may find themselves struggling to make ends meet, grappling with the burden of mortgage payments, educational expenses, and daily living costs.”
Similarly, a critical illness can also rapidly drain financial resources. In Canada, 1 in 3 people are diagnosed with a critical illness before the age of 65. Quinlan stresses, “People should protect themselves in the event of a critical diagnosis such as cancer, stroke, or a heart attack. If you need to take time off for treatment, that loss of income can be devastating for a family.”
Insurance is a safety net
Life insurance protects a family in the event of the policyholder’s death, by providing a lump-sum payment to the beneficiaries. This can be a financial cushion to help cover funeral expenses, outstanding debts, mortgage payments, living expenses, and even children’s education or retirement savings.
Quinlan says, “In my 20 years in the business, it is rewarding to know that our clients will be protected, their mortgages will be covered, and they will have income coming in. Delivering that cheque to surviving family members is difficult but it makes us feel like we’ve done our job.”
A “No Regrets” Policy
Critical illness insurance complements life insurance by providing a lump-sum payment if the insured is diagnosed with a covered critical illness. It ensures the family’s financial stability is maintained if a source of income is lost due to injury or illness.
Quinlan points out, “The Critical Illness policy can be a “No Regrets” policy in that the purchaser will receive a payout no matter what. If they’re diagnosed with an illness the lump sum, tax-free benefit is paid to the insured, if they pass away, the money paid into the policy will be given to the beneficiary. And if they reach a certain point, they can cancel the policy or if it expires, they get back every dollar they put into it. We hope there is no critical illness so we can take all the premium paid and give it back at the end of the policy.”
Critical illness insurance is a vital lifeline which can alleviate financial strain when undergoing treatment and rehabilitation, without the added worry of the mounting bills.
Process is easy
A financial needs analysis will determine how much money a surviving spouse would need to ensure expenses that might include mortgage payments and a child’s education are covered. Quinlan says, “We come up with a plan to ensure that if one spouse does pass away, the lifestyle of the surviving spouse and dependants is maintained. They’ve already suffered a devastating loss, and what we try to do is ensure that they are protected and can maintain their lifestyle.”
For critical illness coverage, they will look at potential income loss if you’re unable to work. Quinlan says, “We put together a plan that if you are diagnosed with an illness and you must take time off work, you’re not digging into your savings or re-mortgaging your home. We ensure you have money to cover lost income and the treatments that need to be paid out-of-pocket.” Such protection will ensure you’re not putting your future in peril.
Coverage can be provided with any budget. Quinlan stresses, “Regardless of what the coverage amount is, the best insurance policy is the one that’s in force. If we can’t protect everything, at least we can protect something.”
Insuring a child’s future
At the birth of a child, you can establish a policy to ensure generational wealth, while ensuring the child has income through retirement. Quinlan says, “I’ve set my children up with a policy today that they will be able to use in the future for a downpayment on a house or for their retirement. We’re doing this now for them to ensure they have these policies when they are adults.”
Another benefit of buying a policy now for a child is that it protects their insurability in the future. A “guaranteed insurability option” can be purchased allowing them to purchase additional insurance regardless of any medical diagnosis. It’s important for individuals to know what the options are and the level of protection they provide. Quinlan says, “There is flexibility, and you need to know how to protect your family now.”
Insurance offers peace of mind
Beyond the tangible financial benefits, insurance plays a pivotal role in ensuring a sense of security. Corey Quinlan says, “We can ease the burden of losing a loved one, while protecting your family. It alleviates anxieties about the future and provides a foundation upon which families can thrive, knowing that they’re shielded against the worst-case scenarios in life.” Insurance protection safeguards a family’s well-being and gives them peace of mind.
If you would like more information on how you can protect your family amid life’s uncertainties contact Corey Quinlan Insurance Agency at (905) 778-9990. Email: [email protected] or visit him online or on Facebook.
