Life Changes in a New York Minute

The phrase “New York Minute” is thought to have originated in Texas during the 60’s. A Texan took a minute to do what a New Yorker did in an instant. This short essay will illustrate how a life changing event can occur in a “New York Minute”.

No one is ever fully prepared for a life changing event, especially one that occurs in an instant. The idea is to be as prepared as you possibly can and thereby minimize the risk, both from a personal as well as a financial point of view.

Let’s set the stage. You are middle aged, extremely healthy, work out on a regular basis and have no health concerns at all. You are also self employed earning a significant income from your work. Life is good. The only problem is that you have no company benefits and your income is dependent on your ability to work. You did look at your options when you decided on self employment. Because of your excellent health you decided to opt out and not take the disability insurance that was recommended by your financial planner. It was deemed to be too expensive and with your healthy life style you would never need it. It would be a waste of money.

You can probably guess what happens next. In a “New York Minute” something takes place to change your life forever. It may be something as simple as falling off a ladder while cleaning the eaves trough, taking an unexpected hit while playing a pickup game of hockey with your buddies, being diagnosed with a life threatening illness, or being the innocent victim of a serious car accident. Any of these occurrences have the potential to change a person’s life instantly and permanently.

Our once healthy person is now disabled and unable to work and earn a living. Treatment and recovery may take months or years, income stops abruptly, and you are now relying on government programs and perhaps the charity of family and friends to carry on financially. Some who have lived through such an event have called it a living death.

You buy car insurance because it’s the law and you have a responsibility to yourself and society. You buy home insurance to cover the risk of fire, theft and other hazards. You can also buy disability insurance to protect yourself against the loss of income due to sickness or injury.

If any of this rings a bell with you then you may want to speak to your financial planner. Learn more about the options you have to protect yourself and your family against the hazards that can occur in a “New York Minute.”

The foregoing is for general information purposes and is the opinion of the writer. This information is not intended to provide personal advice including, without limitation, investment, financial, legal, accounting or tax advice. Please call or write to Rick Sutherland CLU, CFP, FDS, R.F.P., to discuss your particular circumstances or suggest a topic for future articles at 613-798-2421 or E-mail Mutual Funds provided through FundEX Investments Inc.

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