Look away from your screen for a second, and picture your life. Come on, try it – your newsfeed will be there when you return. What do you see?
We’re not talking about fortune-telling, but more along the lines of considering what’s most important to you. Not to put words in your head, but likely, your family, home and career popped into your head. You may also have considered your favourite hobbies, friends, vacations, etc. – you know, the extra spice to the staples of life.
There are no ifs, ands or buts about it; taking care of the people and things you love costs money. Maybe you’ve just begun to create your nest egg after spending an arm and leg on school, your first home, or preparing for an addition to your family – be it a fur or human baby. You have financial priorities; a lot of those include essential expenses – such as your mortgage or groceries – but you also recognize the importance of splurging on some foodie delights or trips to unpronounceable places.
Now that you’re getting the hang of adulthood (and what it demands of your bank account), would it be fair to say you don’t want to give up your lifestyle to something that is completely out of your control?
Even though you’re still young and healthy, the unfortunate reality is a life-altering diagnosis can happen at any time. All of a sudden, a routine doctor’s visit or seemingly innocent spike on your thermometer can turn serious. Then, the loss of income and unanticipated expenses associated with a serious illness can turn your financial stability into confetti. Not fun, sparkly confetti – the kind of shredded paper that sticks to everything and is impossible to clean up. So, it makes sense that 55% of Canadians are worried about the financial impact a health scare would have if it prevented them from earning income.
If one of these sticky situations happened, consider 58% of Canadians believe they would have to delay retirement, downsize their home or go into debt. These are huge, life-changing concerns, and none of them even touch on the other, more vibrant aspects of life like financing your favourite hobby.
Considering that 57% of Canadians are worried about how being financially unprepared for a critical illness could cause them to lose their independence, it might be time to ask yourself – “should I put a financial plan in place in case I get seriously ill?” Being able to focus more on your recovery, instead of worrying about changes to your lifestyle, could make it a little easier to face a serious illness.
Talk to an advisor about some options that may help you maintain your lifestyle — just in case you pick the short straw in the draw of drastic health change.