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Risk Management

Risk management is the identification, evaluation, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.

Risk 1: Dying Premature

You need to manage the risk of dying to soon from either an accident  or illness. Life Insurance is the perfect risk maangemnt tool for this.

Risk 2: Out Living your Money

You need to manage the risk of out living your money. You can do this with insuring you invest enough for your retirement.

Risk 3: Not being able to work due to Illness or Injury

You need to manage the risk of missing work with Pay Cheque Insurance or as its also know as disability insurance. In Canada, there are 1.8 million disabled individuals between ages 18 and 64, and more than half of those individuals have annual incomes of less than $10,000. If it happened to you, who would pay the bills? Would your family be exposed to financial hardship? Disability insurance protects against this type of risk.

Risk 4: Getting critical ill and not being able to work

It’s a sad thought, but according to recent statistics Heart Diseases, Cancer, Multiple Sclerosis, and Strokes will affect more and more Canadians.

Here are the Facts about some Critical Illness:

Heart Diseases

  • One in 4 Canadians will develop some form of heart disease during their lives.
  • One in 2 heart attack victims is less than age 65.
  • 82% of victims survive their first heart attack.


  • One in 3 people will develop cancer during their lives.
  • 3 out of 4 families will be affected.
  • Almost 70% of costs related to cancer treatments are not covered by the Government Health Plans.

Multiple Sclerosis

  • 50,000 Canadians suffer from multiple sclerosis, one of the highest rates in the world.
  • Multiple sclerosis is twice as prominent among women than men.
  • The cause of the illness is unknown, and it can strike anyone.


  • One in 20 people are at risk for having a stroke.
  • 50,000 Canadians suffer from strokes each year.
  • 75% of victims survive their first stroke.

Sources: Canadian Cancer Society, Heart & Stroke Foundation of Canada, National MS Society

Advances in medical technology have resulted in decreases in death rates which means more people survive longer, but the bottom line is, we are still getting ill. If you survived a critical illness, would you have enough money to pay for private nurses and home care, special medical treatments, career retraining or daily living expenses?

Risk 5: Traveling out of Province or Country

These travel insurance plans can offer emergency medical protection for visitors, immigrants, foreign students and residents who are not covered by government health insurance. Visiting guests can be covered by valid medical health insurance, which begins upon arrival here as long as it is bought ahead of travel. Contact Richard to get a quote.

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