People without insurance are relying on GoFundMe campaigns

GoFundMe is an online social fundraising platform and has now become the leader in online fundraising for medical expenses. One in three GoFundMe campaigns is for medical expenses and this totals approximately $650 million per year that is spread amongst 250,000 campaigns. What is causing this? Many believe that the increasing cost of health care leaves many without the proper coverage. Also, with debt levels at all-time highs, it can be tough for some people to afford adequate insurance coverage such as health/dental, disability, critical illness and life insurance.

(Source: Forbes Magazine)

I would like to believe that most people would prefer to look after themselves and not have to rely on a social fundraising platform such as GoFundMe when things go wrong. The reality is, too often it is due to a lack of preparation on the persons behalf and then it is too late to have the proper coverage before they need it. I tell clients to buy insurance when they think that they do not need it. In doing so, health is good and you are at a younger age so the premiums you pay for Life, Health, Disability and Critical Illness are much less than when you are older and/or your health deteriorates.

The key is in preparation to be able to look after yourself. If you feel like you cannot afford proper insurance coverage, work with an insurance Advisor who can evaluate your entire financial situation and can identify areas in your spending that you can cut or reduce to make room for insurance and protect your financial future. Don’t put your protection on the back burner and “worry about it down the road”. It should be looked at as early as possible to avoid being one of the 250,000 annual GoFundMe campaigns that had to resort to this route in lieu of their own insurance protection or savings.

Reach out today if you would like a free consultation.

http://lifeinsuranceforless.ca