When my twins were first born, they were too small to immediately come home.
They were born prematurely, so my wife and I spent weeks just being there with them in the hospital. That was all we could really do.
Going through that experience made me realize that if they were ever sick or in the hospital again that I would 100% do anything to help them.
And that’s exactly why they both have Critical Illness Insurance.
Because even though we have universal healthcare in Canada and lots of stuff is covered, lots of things aren’t.
What if the treatments and drugs happen to be extremely expensive? Or what if we need to go to the states to see a specialist? What if we had to take months off work to take care of them?
I know I’d find a way, but I don’t want to get another mortgage or take on a bunch of debt.
I’d much rather pay a tiny amount each year to not have to worry.
And I set up the policies so that if everything turns out alright and nothing bad happens, that we’ll get all the money we paid in premiums back when the policy runs out and we can use that money to help pay for their wedding or buy their first home.
Either way, I know we’ll have better options than we would’ve otherwise. And that’s what financial planning is all about.
It’s so easy to put it off or pretend it’s not important. Or just not do it and hope for the best.
But I’d rather always be prepared for the worst. It costs me little and helps me sleep.