Planning for Dementia is Important

On November 8th, readers of the Montreal Gazette may have come across an insightful article by Susan Schwartz that focuses on the significant challenges faced by the Irwin family in caring for their loved one, which raises important questions about the support systems available for those dealing with critical illnesses, such as dementia.

The statistics presented in the article are striking. In Canada, a staggering 61 percent of individuals with dementia live at home, yet only 43 percent obtain a home care assessment within six months of their diagnosis. Of those assessed, just 58 percent go on to receive the necessary community and home care services. Alarmingly, 43 percent eventually transition into long-term care facilities, often due to a lack of adequate support in the home environment.

Imagine what could be provided to so many Canadians if we planned for our older years in the same way that we planned for our retirement. Imagine what you could do if you had a lump sum that could provide as much as $2,000,000 when families need it. This is the value of critical illness insurance.

The Irwins’ family story underscores the importance of being prepared for unforeseen health challenges. By considering critical illness insurance, individuals can secure the necessary financial resources to help fund care for themselves or their loved ones when illness strikes. Such foresight can alleviate immense stress and enable families to provide the care their members truly deserve, instead of facing the harsh reality of insufficient support.

Planning ahead can make a significant difference in ensuring the best possible quality of life during difficult times. For those interested in learning more about critical illness insurance and how it could protect their family’s future, please drop me a line (russell.scantlebury@rswm.ca) for further information or to discuss personalized options.

Comments

Why Critical Illness Insurance Matters….

The field is quietest just before dusk, when the long shadows of the goals stretch across the grass. For Sarah, that patch of green had always been a sanctuary. It was where she had out-sprinted her anxiety during final exams, and where, during a fierce co-ed match in her university days, an accidental collision led to an apology, a post-game coffee, and eventually, a wedding band. Now, that same love of the game lived on in the frantic, joyful energy of her two sons. Watching them chase the ball from the sidelines, she could still hear the precise, familiar thwack of a perfect strike. Sarah’s life had been defined by that kind of momentum. She possessed a quiet, unstoppable drive, earning her Bachelor of Science and started her Masters, before pivoting and securing her doctorate. As a researcher at a major medical facility, her days were spent unweaving complex human puzzles, dedicated to finding answers that would save lives. She was successful, fulfilled, and deeply grounded by the ...

Two Weeks Into a New Job, Everything Changed: The Hidden Costs of a Medical Crisis in Canada

Imagine starting a new job, full of hope for the future, only to have your world turned upside down two weeks later. That is exactly what happened to Kayla in 2023. After finding a lump on her neck and experiencing difficulty swallowing, she was diagnosed with anaplastic thyroid carcinoma - a rare and aggressive form of thyroid cancer. The problem for Kayla was a simple one: she had recently taken time off to care for her two small children; and, she hadn't built up enough hours in her new job, in her new role. The result? She was completely ineligible for EI sickness benefits. Which brings me to a key point: the financial strain of a critical illness doesn’t just come from the loss of a paycheck. Sometimes, the hidden cost is just receiving the treatment. In Kayla’s case, this meant travelling 3 hours from a rural home to an urban centre. In Kayla’s case, this meant leaving young children behind for 6 weeks during treatment, isolating children from their ill parent at a time when...

There is an easy way for business owners to safeguard their business’ future

For many business owners, their company is more than just a source of income; it’s their primary asset: a legacy and a symbol of their diligence and industriousness; a hard-earned result of years of dedication. However, the very factor that makes a business thrive—the owner’s leadership and vision—is also its greatest vulnerability. If a sudden health crisis or injury prevents a business owner from working, the stability of the entire organization is at risk. Integrating critical illness and disability insurance into a corporate strategy is not merely about personal protection; it is a fundamental pillar of business continuity planning. A diagnosis ranging from cancer to stroke, from a disability to a heart attack, can cause immense personal and professional disruption. While healthcare systems address immediate medical needs, they often do not account for the ongoing operational expenses of a corporation. This is where corporately owned critical illness or disability insurance co...

Scantlebury Wealth Management

Search This Blog