3 Types of Emergencies You Might Have to Pay for Someday

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 In General

Most of us have taken insurance to protect ourselves from the usual emergencies such as health insurance, life insurance, home insurance and other regular types of insurance. We take long term loans to cover educational expenses and to pay off our mortgages. But are we really prepared for emergencies that are unforeseen and may strike us at any moment?

The only thing constant or certain in life is the unforeseen. We don’t know what’s going to happen to us tomorrow and are we don’t know if we will remain in a financially safe situation. Have you saved enough for you and your family in case of an emergency? While it’s true that some people save up enough for the future but recent studies conducted across Canada showed that most people have not saved up only enough for retirement and beyond that, haven’t made financial provisions in case of emergencies.

If you are like the majority of Canadians and have a significant amount of debt, it is never too late to start saving a little bit of your income for sudden emergencies that may crop up in the future. Perhaps you are repeatedly finding yourself facing bills and debts that prevent you from being able to save even a small amount of money. Maybe the banks have refused helping you with any sort of loan or credit. If this is the case, Cashco Financial is here to help you. We offer personal loans when the banks refuse. These loans will help you, and your family, cover the cost of emergencies and cash shortages. Canadians should understand what situations may constitute as emergencies and be prepared to pay for them.

Here are 3 types of emergencies that you and your family might have to prepare and pay for someday:

Relationship problems within the family such as death or divorce

Divorce and death are two of the biggest calamities that can put families into grave financial emergencies. These events not only affect personal relationships among family members, but also affect the financial conditions and stability of the family too. When a couple gets divorced, the lower income earning partner may now need to rely on the other partner paying alimony or spousal support to the first partner until they can support themselves or get remarried. If the couple has children, then the additional financial burden of supporting the child or children falls on the parent who is earning the higher income. If there is a death, then high cost medical expenses can arise even in Canada. Funeral arrangements also tend to be quite expensive.

Problems with vehicles or the home

Problems with the cars or your home are other unexpected expenses that could arise at any time causing a financial emergency. If there is an accident, then the car would have to go for repair or be replaced with a new car which means more dollars flying out of your bank account. Car repairs are not cheap these days and without a car, you would have to spend on public transport to get around which can cause significant increases in time commitments. Issues with the house such as a leaky roof, termites in the basement or replacing the pipes are all examples of sudden expenditures that could arise at any time which you would have to prepare yourself for. Items in the house such as the fridge or furnace might have to be replaced at any time for which enough money has to be stashed away carefully. These emergencies can drastically impact your financial status.

car issues

 

Unexpected hospital visits

Usually, big hospital bills are taken care of in Canada by our health care system and by your health insurance provider (benefit package). Emergency visits to the hospital are not usually covered by insurance. You would need to have enough money saved up for sudden ambulance ride to the doctor, and any prescribed medications. And these are just for small and illnesses or injuries that might occur. Bigger and more serious illnesses like cancer will cost a lot more.

So be well prepared for emergencies such as these, by saving up enough money. When an emergency hits and you are not prepared though, Cashco Financial will always be here to help you with personal loans that can be taken to provide that little extra help.

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