Insurance overload? The benefits of having it when you need it most

If you are over the age of 16 then you probably have had your first discussion about insurance. Car insurance as soon as you get your drivers license. Perhaps you are in your 30's and 40's.. 50's and so on.. and you own a house/condo and have homeowner's insurance. Renter's insurance or contents insurance. If you are a business owner you have liability insurance. The list goes on.. This is why I believe that most of us shut down when we hear about any insurance at all. We feel tapped out. I want to bring up a few key points surrounding the topic of insurance and the experience I have had. As a child I knew that we had health insurance because we went to the dentist often, if we had any medications we would show our card at the pharmacist. Sounds pretty familar to many I'm sure. It wasn't until I was 22 when I learned about the real benefits of having these plans. I was in my last year of University and my Mom was suddenly diagnosed with ALS/Lou Gehrig's disease. A shock indeed as she was only 52 yrs old. So it begins.. She is unable to work as her speech began to slur, not able to drive, and her mobility quickly deterioted. A bit of a blurr but I remember my Dad with a stack of papers at the kitchen table...pages and pages read Sunlife Financial health insurance, disability insurance, prescriptions, physio, home health care, equipment.. The list goes on. The real concern were my parents. My Mom dealing with an illness taking over her life and my Dad taking the extreme burden of being her main care giver as long as he could. I cannot imagine the extra stress if he had to work extra hours to factor in these increasing costs. My Mom died within 7 months of being diagnosed with ALS. She died at the age of 53 in 1999. I learned so much from her. She was a great Mom. I still miss her terribly. Which brings me to the life insurance she had in place. The home that my brother and I grew up in was now passed to my Dad clear of a mortgage debt. My brother and I were able to pay off our student loan debt. I would rather still have that debt to have my Mom here, however it was just a little.. It was what my Mom would have wanted for us. Fast forward a few more years... my Dad remarried and shortly after retired. His life insurance, health insurance coverage dropped significantly when he reached 65 yrs old. This happens to mostly everyone! So if you don't have anything such as life insurance outside of work, then I highly recommend it! He died in 2007 from a heart attack and I haven't spoken to his wife since. I don't blame her as there were no clear instructions in the Will to set aside anything for my brother and I. Lesson - Get a Will, clearly write out what you would want to happen when you die and perhaps discuss some different scenarios. Wait, there's more... My partner 34 yrs old in 2007 was diagnosed with breast cancer. Totally healthy now I might add! However, at the time of diagnosis our worlds were turned upside down. Chemo, surgeries, time off work, raising a young child, paying mortgage, general survival. Critical illness insurance saved us at a time when we really needed it. The benefit allowed us to focus on recovery and take the stress away from finances. My message here is not to go crazy and get all kinds of extra insurance but to begin with an assessment of what you need, what is mandatory and perhaps where you have large gaps. We can't insure ourselves for every minor thing, so it's important to get the right kind of coverage for you and your family. If you would like to know about your current coverage and your needs please do not hesitate to call me. It is part of what I do, there are no costs associated with meeting and doing a needs analysis. Thanks! Karen karen.divenanzo@sunlife.com 604-603-8571 www.sunlife.ca/karen.divenanzo

Finding the value.. Why women need to play role in financial planning

This post is for the women out there that have said this about anything financial in their relationship..
"My husband takes care of all that stuff"
"He says we are taken care of"
"I don't have a clue so I stay out it"
....you get the idea.

Here's the reality..
- women usually out-live their husbands which means sooner or later they will be dealing with all the finances
- many elderly women are living off government programs such as CPP,OAS. Some relying on children, or forced to work part time if able to support themselves.
- Many women, working and stay at home moms are the main care providers for their children. This means interrupted working years, less income or no household income.
- Pensions at retirement may be minimal or not even available
- An illness or death can have a huge negative impact on immediate and future plans

- Denial is not a solution. Neither is living in fear. Being aware of certain vulnerabilities is first step, then we find ways to fill those gaps.
Once plans are in place, you can enjoy life, be healthy and enjoy your successes.

Many people do not want to discuss these topics.
So here is what I've decided to do. I am preparing to do seminars focusing on the need for all women to be involved in their future planning needs.
Health, Exercise and Security are going to be the 3 areas we will be discussing.

Stay tuned for the first seminar date. Coming soon
If you have any ideas you would like to share, please do.

Be well,
Karen

karen.divenanzo@sunlife.com
604-603-8571

Blog or Blog?

Call me Blogger challenged! I just remembered my password to this blog and the other day I started a wordpress blog. My question is which one should I use?
The purpose of my blog is to share stories on my life, real time advice on protecting your financial goals and just things on my mind.
So.. does it matter if the background looks pretty? Please help my challenged blog? It needs some TLC so it gets noticed and looks good with relative info. So people actually read it and maybe gain some knowledge to act in their own life.

Nice to meet you

Karen

karen.divenanzo@sunlife.com
604-603-8571

Early detection is key!

I have titled this "early detection is key" for a few reasons. When it comes to our health we think we are unstoppable. Of course, because why would you ever want to think you will get sick or injured? Living in constant fear is not the answer, nor is living in denial.

So.. the happy middle is where to be. Live your life the healthiest you can, monitor yourself by paying attention to anything that seems to be a little off. If something bothers you then go to a Doctor. I am not one to run to the dr for a little cold but I can assure you I would be there in a second if something seemed unusual. This is why.. my family's financial plan includes a "back up". If any of us were faced with a health crisis we will be ok.

And we were... in April 2007 my partner Tracy was diagnosed with breast cancer. She was 34 yrs old. Chemo treatments, Surgeries, time off work, healing, emotional chaos... It all took a toll on us. Luckily though, it did not cause financial stress. Tracy had Critical illness insurance. She is in fantastic health now and you would never know she was ill. I have critical illness insurance and so does our 5yr old son. I do not plan on ever using mine or Nathan's. Great! because it will act like a forced savings for us. Meaning we will get all of our money paid into the plan back when we cancel it! Win win.

So the next time I hear of someone diagnosed with an illness or getting into a serious accident.. The first thing I say is I hope they have a plan to get through this. Because they most certainly will get through it. I just hope that they can with the least amount of stress.

Also, if you have a plan such as this, you will be more likely to detect early on. That makes all the difference in treatment and survival.

To health!

Karen
karen.divenanzo@sunlife.com

Please contact me if you would like more info on your own back up plan.

New Year - what's on your mind?

So it's been a long time.... 6 months of longer. So what have I been up to?
Trying to keep it all together and focus on my values and my goals. Life has funny ways of testing you all the time. Setting goals is one thing. Sticking to them is a whole other issue. Sometimes I think it would be easier to just go along and stay in the comfort zone. Nah, that is not fun at all. I choose to take challenges and work through them. You?

My career is a challenge every day. I have chosen to take the not-so-easy route. Talking about financial plans, planning for when you die, what do you want to happen if you get sick. Saving enough money for the long term plans while managing the day to day. These are the conversations I have every day. Many people do not like to discuss these issues and it's my job to help get the plans in place. Trust me I have a few stories I would like to share with you.

Here to help!

Best,
Karen

New Year - wha

Hard lessons in life....

I am a parent of a 4 yr old.. I catch myself saying "It's ok to make mistakes as long as we learn from them" Yes this is true in so many ways. Riding a bicycle takes practice.. You will probably fall a few times until you finally figure it out.
Accidentally breaking something.... accidents happen, what can we learn from them.

Can we also learn from other people's mistakes? Absolutely!
- Have you heard of someone dying without a Will? what has happened to their family?

- Have you also heard of someone dying without life insurance? yes and what has their family had to go through?

- Have you heard of someone getting sick or injured,not having adequate health insurance, how did they manage their bills?

- Have you heard of someone not planning their retirement properly? How will they manage to live off goverment programs?

Why make the same mistakes as these people? You are a smart person with responsibilities of your own. Great! If you have already thought of these crucial things and put plans in place. If not, start now. It is the only thing you can control.

Thanks for reading!

Karen
karen.divenanzo@sunlife.com
604-603-8571