By now you have all heard of this splendidly silly series of made for TV movies about man eating shark infested tornados hitting the city of Los Angeles. I am certainly not going to debate the merits of the films but all the chaos and mayhem did start me thinking. Who is going to pay for all that damage caused by the whirly gigging sharks? Can that poor guy who just got partially eaten afford the time off to recover? This week we are going to look at the types of insurance you want to have to protect yourself in case of a Sharknado or other life event.
1. Life insurance – there are two things guaranteed in life namely death and taxes. The truth of the matter is that death takes us all and on its own schedule. The greatest final gift you can give to your family is to ensure they are taken care of in the event of yours. Here are a few things to consider though I can not stress enough that you really should seek out the services of a great insurance agent. This is what they do and they will make sure you have the proper insurance
• Do you have significant coverage?
• Is your beneficiary correct?
• If your coverage is through your employer, what happens if you leave? If you have developed a health issue then you may not qualify for a new policy. Consider third party coverage so that this won’t affect you..
2. Disability – do you know that the number one reason for mortgage default is disability? Well now you do so it’s time to make sure you have the right coverage. Most employers cover you while you are on the job but do you know if that coverage extends to a fall off the roof while putting up Christmas lights? You need to know and again, third party coverage means you and your family are protected no matter where you work.
3. Critical illness – this coverage will pay for expenses not covered by your regular health plan should you become critically ill. Even in Canada there are a multitude of things not covered and the last thing you need to be worried about at such a time is how you are going to pay for them.
4. Home insurance – I am pretty sure that there is no coverage for an actual Sharknado but you can prepare for as many other events as possible. Again, talk to your qualified insurance broker to make sure you have the correct coverage. Consider asking how best to document your possessions in case of a fire? Just think. If you had a video walk through of your home, with a complete list of possessions including receipts for large purchases which you had kept in a fire proof safe, how much easier would it be for you and your insurance company to get you back on track? I recommend reading the policy, asking the questions and ensuring your coverage is what you need it to be.
Okay so let’s face it, if you stop for one moment and think I bet you will be able to recall family and friends who have gone through life issues which would have been made easier by having sufficient insurance coverage. Don’t let a Sharknado get you my friends. Take a couple of hours and make sure you have the coverage you need and if you do not then get it. Have a great week!
Pam Pikkert is a mortgage broker with Dominion Lending Centres – Regional Mortgage Group in Red Deer.