Many people go through life having no problem paying $85 a month for their cell phones, but when it comes to life insurance, they either have little coverage, or none at all.
Sarah was only 29 years old. Excellent health. She was injured while perfoming for a sponsored event. She died. Her family worried about how to pay the $200,000 medical bills. Luckily, donations from fans and Health Canada foot the bill, but, how many of us would be so fortunate?
A Life Insurance Policy with $300,000 of coverage, upon approval, could have cost her $51 / month for 35 years of coverage. That would have covered her medical costs, her funeral, debt repayment, and final tax return.
Please everyone, take a look at your own life insurance coverage. Does it meet your family needs? Do you have enough insurance? Can you afford not to have insurance? What can you reduce your spending on, so that you can cover your family properly? What is more important to you, the latest Iphone or the family you love?
Mitchell Labiuk
"Spencer said donations from fans and Health Canada would foot the bill of some $200,000 (all currency U.S.). Any surplus will be dedicated to a memorial fund.
That eases the impact of the hundreds of thousands of dollars in debt the family faced. A source said that athletes and coaches are covered by an insurance policy of the Canadian Freestyle Ski Association when they are taking part in events as a representative of the national team. But they are independent contractors when appearing in private events for sponsors.
“It is now clear that Sarah’s family will not have any financial burden related to her care,” Spencer said. “The Burke family has not yet received a hospital bill from the University of Utah [but] based on early estimates, total charges for Sarah's care are expected to be approximately $200,000.”
By James christie
From Saturday's Globe and Mail (correction included)
Published Friday, Jan. 20, 2012 1:12PM EST
Last updated Monday, Jan. 23, 2012 12:26PM EST
No comments:
Post a Comment