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Last
century, most people who suffered a heart
attack, stroke or cancer generally died soon.
Their life insurance paid, their family mourned
their loss and took the dish off the table, and
moved on. This century, the doctors won’t let
us die. This is the good news. The bad news is -
professionally we cannot continue to be who we
were!
Doctor Marius Barnard said, “There have been
more advances in medical science and technology
in the last 20 years than the prior 2000
years.” This medical phenomenon has completely
changed the rules of the game, and must be
addressed in any responsible financial plan.
Think about it... What is your greatest asset?
What is your most valuable asset? What is your
most precious asset? We believe your
greatest asset is your health and your ability
to earn income. Let me ask you a question…Is it
possible in the next 90 days that you could
suffer a heart attack, stroke or cancer?
If you, or your spouse, suffered a heart attack
yesterday what are the 3 most important things
that you need to take care of today?
If
you, or your spouse, were diagnosed with cancer
last night. What are the 3 most important things
that you need to take care of this morning? If
you, or your spouse, suffered a stroke, keep in
mind that you may not be able to speak, write or
walk, what are the 3 most important things that
need looking after right now?
Harvard Medical School and Harvard Law School
did a joint study that revealed that 50% of all
U.S. bankruptcies are caused by critical
illness. Let’s think about what happens. For
example, if you are diagnosed with cancer the
first thing that you do is use up your sick
days, then you use your vacation days. You are
going to run up your credit cards, and after you
burn up your sick days and your vacation days,
then you go out on disability.
Once on disability to continue your health
insurance you have to pick up COBRA where you
have to pay the total cost of your health
insurance premium – for a family averages
$1600 per month. That’s like picking up
another mortgage! The late notices start pouring
into the mailbox . The Harvard study points out
that 70% of all bankruptcy filers who had health
insurance at the onset of their illness, lost
their health insurance coverage, because they
were unable to pay the COBRA premiums as a
direct consequence of their illness.
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