Read the Goddyn & Associates Financial Blog for Helpful Information

At Goddyn & Associates Financial, we believe in being a resource for the Kamloops community when it comes to their financial and insurance needs. That’s why we’ve created this blog as a way to post helpful information and tips in an easy to understand format. For more information, contact Goddyn & Associates Financial today.

You’re Not Too Young to Talk Insurance

As a Visa card-toting millennial, you’re likely busy paying off debt and pursuing a better job, and insurance isn’t your top priority. In fact, you might think you don’t need policies until you buy a house or have children. But there’s tremendous value in locking in insurability at a young age — you don’t buy insurance with money; you buy it with good health.

Insurance gets more expensive and harder to qualify with age. A permanent policy could cost a 25-year-old about $175 a month for $500,000 of coverage, but $470 for a 45–year-old *healthy non-smoker*. If $175 doesn’t fit your budget, there are other coverage amounts available, as well as term policies with a conversion option to permanent insurance, letting you lock in insurability now with making a full commitment.

Even if you’re covered through work, there are limits to employee benefits. They provide basic coverage, but won’t sufficiently replace income as your family grows. An average life insurance plan offered through group benefits pays a $25,000 to $50,000 death benefit. Other companies pay up to one year’s salary if you die. In most cases, that’s not enough to cover costs. It’s also less reliable — if you switch companies, your benefits package changes.

Insurance is a tool that protects you, your dreams and the people that mean the most to you. You owe it to yourself to think about whether it’s right for you.

Is Your Parachute Packed?

Finding out that you or someone you love has become seriously ill can turn your life upside down. It can affect you, your spouse, family and business partners emotionally, physically and financially. If you suffered a family failure of health, how would you fund your time away from work?


Dixie* is a 35 year old working mom of two. During her last annual checkup, her doctor told her she has cervix cancer. Like many B.C. women who believe they are in good health, she now has to combat this illness. Her husband, Al*, has had to take time off work to care for Dixie and their family. Their biggest financial concerns since she became ill are unforeseen childcare costs, hiring domestic help, and medical costs not covered by MSP. Where is the money going to come from?

  • Dip into savings? – They have less than six months of income in an emergency fund let alone enough saved up to cover a long-term illness.
  • Get a loan from the bank? – Unfortunately, banks are not eager to lend money if the borrower is currently not working due to illness in the family.
  • Borrow from family? – They are too prideful to become a financial burden to those closest to them.
  • Sell their home? – They still need a place to live and selling their family home would be devastating to their kids. In addition, do you really want to deal with a move when someone is seriously ill?
  • Borrow from their RRSP? – This usually has a long term effect on retirement savings. Not only are would they be using a fully taxable dollar when withdrawing from an RRSP, they are also losing the potential growth through compounding which is a key factor in building wealth for retirement.

What is the best solution? Critical illness insurance – Luckily, Dixie and Al set this plan up through their professional advisor when they were doing their annual financial review last year. The insurance has paid out a tax-free lump sum amount of money to them. And they’ve used this coverage to fill the financial void and cover costs like:

  • Leave of Absence from their jobs
  • Mortgage and other household bills payments
  • Child Care costs
  • Domestic help around the house
  • Cost of medication that the provincial system does not provide
  • Alternative treatment
  • Timely treatment outside of Canada
  • Time away from work to properly recover
  • Private Nursing Care costs
  • A recovery vacation with loved ones


Serious illness can strike anyone at any time. The statics are scary. Help protect yourself, your family and your business from unnecessary financial hardship by speaking with a professional advisor about adding critical illness insurance to your financial portfolio. Once you educate about the real-life costs of having a critical illness, you will be thankful you took steps to protect yourself if anything unforeseen comes your way. And if it doesn’t happen, it’s possible to get your money back with a Return of Premiums benefit. Feel free to give me a call if you want to discuss how to make this protection apart of your overall financial plan.


To your health!


*Names have been changed to protect client's identity.

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