Financial Adjustments Critical illness insurance – a case study If you have the best coverage available, you can turn the fi nancial stress of a health crisis over to your advisor and try to focus 100 per cent on your recovery. THE CLIENT On July 13, 2009, Danielle received news that stopped her in her tracks. A 38-year-old dental hygienist and new mom, she had just been diagnosed with oral cancer. She had self-discovered an abnormality in her mouth while brushing her teeth at home. Her next step was to have it examined at the dental offi ce where she worked. It was sent for a biopsy and the news came back that it was defi nitely cancerous and immediate treatment was required. Danielle had never smoked, had always been in excellent health, and was one of the most energetic people one could meet. Something like this is not supposed to happen to someone like her, but unfortunately it did. THE BACKGROUND Paul Philip, CFP, CLU, and Nancy Philip,CFP,CLU,have been advising hundreds of chiropractors across Canada since 1992. Their firm, Financial Wealth Builders, is located in Toronto, Ontario. To learn more about building your wealth, visit their website at www.fwb-inc.com or contact Paul or Nancy at 416- 497-0008. When Danielle graduated from dental hygiene school in 1995, she found herself faced with many of the fi nancial needs and questions that are typical of young single profes- sionals. One of these was a proper individual disability plan to protect her income. Dani- elle soon began working with a carefully sought out qualifi ed and experienced financial advisor who took the time to examine and compare various plans and options for her. A suitable disability plan was put in place. In the years that followed, Danielle’s fi nancial advisor monitored her plan, guiding her in adjusting and upgrading her disability insurance as her income and needs changed. In 2005, Danielle married Doug and they proceeded to start a family. They now needed to organize their fi nances as a family unit and secure protection for the family as a whole. After spending time with Danielle’s fi nancial advisor and feeling confident, Doug agreed to obtain a carefully constructed life insurance plan through him. During these discussions Danielle relayed that her mother had suffered lung cancer and although she had survived, it had been a real struggle fi nancially. While a top-notch disability plan was already in place for Danielle, she was acutely aware of the significant costs associated with a life threatening illness. She was concerned there could be a finan- cial gap for her family if her health changed in the future. Once again Danielle’s financial planner – acting as the advisor for the whole family – examined a variety of options and made recommendations that were appropriate for them. Doug and Danielle agreed to follow these recommendations and individual critical illness plans were set up for both Danielle and Doug in 2005 with a major insurer. 22 • CANADIAN CHIROPRACTOR | OCTOBER 2009 www.canadianchiropractor.ca Nancy Philip, CFP, CLU Paul Philip, CFP, CLU feature
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