Jayson Lowe explains critical illness insurance as a living benefit: a tax-free lump sum paid if you're diagnosed with cancer or another serious illness, so you can focus on recovery instead of money. He notes cancer incidence has risen from 1 in 4 to 1 in 2 over the past 14 years.
February 28, 2022
When they first entered the business: 1 in 4; 14 years later: 1 in 2.
If you had that, and in addition to that you had a couple hundred thousand dollars show up, maybe two years worth of your net income show up on the spot and you can lean into your spouse or lean into your significant other and say we're going to be okay.
And I don't have to expend any energy on stress. I'm going to expend all my energy on recovery, on getting better and being here for the family.
What I would encourage everyone to do, if you haven't already, is get together with your advisor and make sure that if you do not have critical illness coverage on your life and the life of your significant other, whomever is important to you in your family, that you that where there's a co financial dependence or God forbid if something happened. Critical illness is a living benefit. You can purchase a lot of benefit for very little amount of money. And if you are diagnosed with a critical illness, most notably cancer, and you're working with the right carrier who has the right coverage and no exclusions, then if you're diagnosed, your family receives a large windfall of tax free money while you're alive so that you can focus on getting through and recovering and being there for your family and to have money show up exactly when it's needed the most to take care of all of your financial obligations, including sustaining your family banking system during a period of time that you need to rest and recover. This coverage, hence they aptly named it, is critical. And we are sharing this with you now not because we want to sell you another policy, but because we made a commitment as a team prior to the new year of last year when we created our painted Picture Vision. So we go through this in our company as well. When we created our painted Picture vision for the next three years, we decided as a team that we were going to double down on the placement of critical illness coverage for our existing clients and the clients that we want to have.
I actually just got approved for another one here, I don't know, maybe about four months ago or something as long as well tie with the disability plan that I have and I actually have illustrations printed for applying for some more right now. Well, they're on my floor because my desk is tiny. But I have a couple more that I'm looking to apply for for both my wife and I.
Actually when we were looking at my system of policies, I think it was yesterday and Sarblo had remarked, he goes, oh, there's another one on there now that was a critical illness policy on Rebecca. We practice what we Teach, if we're going to talk to our clients about it, you can bet your bottom dollar we're doing it ourselves. And to, to a great degree. Do you know someone who has been impacted by cancer up to this point in your lifetime? You are going to die someday. And when that day comes, and it most definitely will come, there's going to be a tax free windfall that shows up exactly when it's needed the most. Well, now we have to reckon with this ugly disease named cancer. We have to deal with cardiovascular disease. We have to deal with these conditions that can take you out of commission for an extended period of time. And the last thing you want is your family stressing about where the money is going to come from to pay the bills. Now, you may have some group employment benefit that will cover you for short term or long term disability, but I promise you it's not going to be enough to make the wheels go around financially in your own personal economy. If you had that, and in addition to that, you had a couple hundred thousand dollars show up, maybe two years worth of your net income show up on the spot and you can lean into your spouse or lean into your significant other and say, we're going to be okay and I don't have to expend any energy on stress. I'm going to expend all my energy on, on recovery, on getting better and being here for the family. Get with your advisor, get that coverage in place. You'll be glad you did, I promise you. And if you don't file a claim, the advisor can set it up so that if you live a long, happy, healthy life. I know people whose family members who smoke two packs a day, they eat 12 packs of bacon a week and pound back half a bottle of scotch and they're still alive at age 90. Okay, great. You can't choose your ancestors, but boy, you got great genes. When we first got into this business, the probability of cancer incident with a prospective client was 1 in 4. The probability 14 years later is 1 in 2. So get that coverage in place. And this is a prime example, folks, of exactly how I talk to my family about this.
