While we often associate insurance with protecting our physical assets, it's important to remember that our health is also an asset worth protecting. Canadian pop icon Céline Dion recently announced that she was forced to cancel or postpone concerts due to her rare neurological disorder, stiff person syndrome.
This serves as a reminder that illness and injury can strike at any time, causing unexpected financial losses. While we may not be able to prevent these health issues, we can take steps to protect ourselves financially by obtaining insurance coverage.
In Dion's case, she was forced to cancel and postpone concerts, resulting in significant financial losses. This is where insurance coverage could have come in handy. Disability insurance, for example, can provide a source of income if you're unable to work due to an illness or injury. This can help to cover your living expenses and maintain your financial stability during a difficult time.
Similarly, critical illness insurance can provide a lump sum payment if you're diagnosed with a covered illness, such as stiff person syndrome. This can help to cover medical expenses and other costs associated with your illness.
It's also worth noting that travel insurance could have protected Dion from the financial losses resulting from cancelling and postponing her European concert dates. Travel insurance can cover non-refundable travel expenses, such as airfare and hotel bookings, if you need to cancel or postpone your trip due to a covered reason, such as a medical emergency.
In conclusion, while we may not be able to predict when illness or injury will strike, we can take steps to protect ourselves financially by obtaining the appropriate insurance coverage. Whether it's disability insurance, critical illness insurance, or travel insurance, having the right coverage in place can provide peace of mind and help to mitigate the financial impact of unexpected health issues.