Bomb proof your retirement savings.

Nearly six of 10 older Canadians say they have experienced a “major life event” that disrupted the financial plans they had in place, according to a research report focusing on the financial well-being of older Canadians released Monday by the Ontario Securities Commission.

                       

The report, titled “Financial Life Stages of Older Canadians,” is based on surveys completed by more than 1,500 Canadians over the age of 50. It found that most people in the over-50 age group are guided by informal financial plans that are built on approximate ideas of what respondents need for the future – but that these informal plans can be disrupted by unexpected events.

I think that we can all agree that at age 50 your retirement planning is in full swing and that the path you have chosen is pretty much set in stone. I can see it now, only 15 to 17 more years before your retirement and you can enjoy more free time. Every time you make a deposit into your savings account you see your future getting closer.

STOP!

Imagine now that half of that money was to disappear, what would you do? Would you still be able to retire?  Could you afford to be out of work for 6 months to a year? These are the issues that some of the respondents faced. In the report it states that; among retired persons under age 75, more than one-third reported that they were forced to retire earlier than they wanted. For two-thirds of this group, it was health reasons that forced their early retirement.

Not being able to generate income in the latter years of your life can have a major impact on your financial planning and nest egg. It is the years between 50 and 65 where most of us will have the opportunity to put away the majority of our income for retirement purposes. Your children are now gone, the house is paid off and you have little to no debt and some might even have the chance to downsize their homes.

But what happens if you struck with a major illness, have a heart attack or stroke. Your nest egg is the only thing you have to keep you going, but if you use it what happens when you retire?

The only way to ensure that you do not eat into your retirement and protect your savings is with Critical illness insurance (CI). Basically CI becomes a bomb shelter for your investments. CI covers many illnesses and pays out a lump sum 30 days after diagnoses of a covered condition. This money can be used to cover medical expenses, medications, every day living expenses while you recuperate or what ever you want to use it for.

So protect your investments, protect your future, and protect what matters most.

For more information and guides on life insurance visit: http://www.protectingwhatmattersmost.com/