A critical illness can deliver a devastating emotional blow no doubt, but too often it is immediately followed up by a resulting financial impact that can combine for a knock out.

Sandra Stewart, now an insurance advisor with Clarica Financial Services, was once a successful business consultant who, due to an accidental blow to the head, saw her career and consequently her income, stop abruptly.

She was fortunate enough to have the proper insurance in place to remain financially healthy despite the disruption her injury caused, but she was lucky that her employer had placed the right insurance in her benefits package - she hadn't been proactive.

She is now focusing her new career as an insurance advisor on educating people about how to manage the risks of critical illness.

"Your chances of winning the Lotto 649 draw is roughly one in 13.9 million, yet we buy tickets every week," Stewart says.

"But your chance of becoming disabled for 90 days or longer at least once prior to age 65 is one in three."

The statistics are daunting. Stewart cites the following Canadian numbers:

- One in three Canadians get cancer in their lifetime.

- An estimated 70,000 heart attacks occur each year.

- Up to 50,000 new strokes are reported each year.

- The average diagnosis age for Multiple Sclerosis is 30.

- Almost all spinal cord injuries (97 per cent) occur prior to age 50.

- The average age of a major trauma patient is 43.

"Your health is your greatest asset," Stewart says.

"Next to that, your greatest asset is your ability to work and earn an income. An illness or injury that prevents you from earning an income and creates additional expenses could have a devastating impact on your family's finances."

Stewart uses the example of a stroke victim to demonstrate what considerations and preparations should be made during health for protection in the event something critical happens.

"You've suffered a stroke and are now paralyzed on your left side," she suggests.

"You have diminished speech and have lost your ability to read and write. Your cognitive skills and memory have been affected.

Do you have disability insurance? Can you afford the dramatic changes that you and your family will have to make?

"If you suffered a stroke, what would be important to you? Paying your mortgage, childcare and other debts? Replacing income? Obtaining complementary treatment or hiring home care? Making home modifications or purchasing special equipment? Preserving your life or retirement savings?"

She asks that people ask themselves hard but realistic questions to stay safe. The key question is "What would you do?"

Without insurance, where would the necessary money come from? Stewart asks that the alternatives to insurance be considered:

Liquidating assets: "Could you afford six months, a year or longer off work, in addition to extra expenses, and still prepare for your kids' educations and your retirement?

What would you lose? What is the cost of liquidating your assets?"

Borrowing money: "Friends and family may be able to help you, but do you want to put them in that position? Are banks going to view you as a good risk if you are unable to work?"

Spousal income: "Is your spouse's income sufficient to manage the household budget and the additional expenses relating to the illness or injury?

Can your spouse take time off work to help care for you?

Government assistance: "Will the benefits that are available from the government be sufficient to manage your portion of the household budget and additional expenses, if you qualify? How will this affect your dignity and self respect?"

If these questions can't be answered satisfactorily, it may be time to explore the options of disability insurance.

"Long-term disability is an insurance that produces an income based on a percentage of your annual salary. If you have coverage through your employer, consider yourself fortunate.

"The majority of people in our country do not have coverage and must consider paying for personal coverage."

Stewart also suggests that business owners take a good look at how reliant their corporate health is on staff.

"An illness or injury that prevents a key person in your business from working can mean financial disaster for your company," she warns.

"For professionals, business owners and self-employed persons, a business overhead expense replacement contract and an insured buy-sell agreement can mean the difference between the continuation of the business in the event of a disability involving a key person, and business closure."

Stewart realizes that insurance options can be complicated and urges people to seek out an advisor who has the knowledge to design custom solutions, and who can be trusted to look out for a client's best interests.

"Disability income replacement contracts are not all the same," she acknowledges. "It is essential that your contract meets your individual needs. There are many different types of policies - know the details, it could mean survival in the event of a disability." Sandra Stewart can be reached by calling 705-737-3552, extension 222.