Today we’re going to tell you a story. Not that it could happen to you. These things always happen to other people.
This story is fictional but based on real events. It’s a great example of why we need to ask the none of your business questions and talk to your family about insurance.
Paul and Mary Robson are 60-years-old and still paying off the mortgage on their family home. They both still work so that they can retire mortgage-free and, hopefully, with a little extra cash. They’re running low on savings but still hope they can take a trip somewhere warm next Spring.
Paul and Mary get a phone call from their son, Mike: his two-year-old, Andrew -their grandson- has been diagnosed with Acute Lymphoblastic Leukemia (ALL).
Treatments are to begin immediately – at a hospital that’s hours away from home.
Panic has set in. Mike is beside himself. His wife and other two children are packing right now.
Paul and Mary are frozen. They get off the phone, hug each other, and cry.
After long trips to the hospital, food, and accommodation, loss of income for Mike and his wife, childcare costs for the other kids, medication, and comfort items for Andrew, the bills add up fast. Even with help from family and friends, the costs were staggering.
A bank friend asks Mike if he has critical illness coverage on his spouse or children. He doesn’t. But he remembers his parents getting some sort of coverage on their grandkids, last year.
He calls Paul and Mary who call their financial advisor. It turns out that yes, The Robsons had gotten coverage on all three grandkids: Critical Illness Insurance.
Thirty days after Andrew’s diagnosis, the paperwork is off. His condition qualifies under the definitions and The Robsons receive a cheque for $100,000.
The Robsons consider themselves extremely blessed. Mike cannot imagine the stress other families feel when their costs are not covered. His marriage was at the breaking point and money wasn’t even an issue.
We couldn’t write this post without crying. Although the story above is fictional, it is based on real-life and it happens. Take the time to help your loved ones realize the importance of covering their bases.
It may not happen to you, but it will happen to someone.
We need to ask the none of your business question and talk to our family – parents, siblings, and kids – about insurance.