Do You Really Have All Your Risks Covered?
Let’s be honest—when people hear the word “insurance,” most don’t exactly perk up with excitement. Some people tune it out completely. Others say, “I already have something through work.” And many just don’t want to think about the hard “what ifs” that insurance is meant to protect us from.
But here’s the truth I wish more people knew:
A good financial plan doesn’t just build your wealth—it protects it, too.
That means not just saving and investing for the future, but also preparing for things that could throw life off course. Illness. Injury. An accident. Losing someone you love. Because if we don’t plan for life’s biggest risks, all the saving and investing we do can fall apart in an instant. That’s why I always talk to my clients—especially young families, self-employed folks, and first-generation Canadians—about these three must-have protections in every financial plan:
CRITICAL ILLNESS INSURANCE
This one is close to my heart.
Critical illness insurance gives you a lump sum payment if you’re diagnosed with a major illness—like cancer, heart attack, or stroke. The kind of health crisis that turns your life upside down in a second.
We all think it won’t happen to us. But we’ve all seen it happen to someone.
One of my clients, a young dad, got a cancer diagnosis that came out of nowhere. He was healthy, working full-time, and didn’t smoke or drink. Life was good. Then suddenly it wasn’t. The payout from his critical illness policy allowed him to take time off work, cover treatment costs, and spend real, quality time with his kids, without worrying about rent or groceries. He didn’t have to launch a GoFundMe. He didn’t have to borrow money. He just focused on healing.
That’s the power of preparation. And the best time to get this kind of insurance? When you’re still healthy and young. The earlier you apply, the lower the cost and the more likely you’ll get approved without extra conditions.
LIFE INSURANCE
If you love someone, you probably already need life insurance.
This coverage gives your loved-ones financial support if something happens to you. It can pay for your mortgage, your kids’ education, or just buy your family time and space to grieve without financial panic.
Life insurance is not just about death. It’s about leaving love in a practical form.
When I was just starting as financial advisor, I witnessed a senior advisor helped a couple with two young kids. The husband insisted they get coverage right after they bought their first home. A few years later, he passed away from a sudden illness. It was heartbreaking.
But because of the life insurance they set up, his wife didn’t have to sell the house. She kept things stable for their children. She told me, “That policy gave me space to breathe.”
It’s never too early to plan. In fact, it’s often too late when we finally feel ready.
What About Life Insurance for Children?
This surprises a lot of people—but yes, you can get life insurance for your children. And it’s not because we expect the worst. It’s because we want to secure their future while they’re young and healthy.
Some plans build cash value over time—like a savings account that grows with them. They can use that money later in life to fund their education, buy a home, or even start a business. And because their insurability is locked in early, even if they develop health conditions later in life, they’ll always have that protection in place.
For many families I work with, this becomes a gift of love and legacy.
DISABILITY INSURANCE
Let’s say your income disappears tomorrow. How long could you keep up with bills, groceries, your rent or mortgage, or helping family back home?
Disability insurance protects your ability to earn. If an accident or illness keeps you from working, this coverage replaces part of your income every month—so you can still live your life, even if it’s on pause for a while.
I’ve seen this coverage save small business owners from closing up shop. I’ve seen it help single moms keep going when they were hit by unexpected illness. And I’ve seen it give people time to recover without draining their emergency savings or relying on credit cards.
Again, the key is to get it before something happens—not after.
Why All 3 Matter: These three insurances—critical illness, life, and disability work together like a safety net. Each one covers a different part of your life:
Critical illness: a lump sum to help you recover and focus on healing.
Life insurance: money left behind for your loved ones, so they’re protected.
Disability insurance: ongoing income if you can’t work due to illness or injury.
They’re not about fear. They’re about freedom—freedom to take time, to grieve, to recover, and to live without financial panic.
So… Where Do You Start?
The good news? You don’t need to figure this out alone. I help people every day understand what kind of protection they need, what coverage they already have (and whether it’s enough), and what’s worth investing in now—especially while you’re still young, healthy, and insurable.
If you’re not sure what you have, or if your needs have changed (got married, had kids, bought a home, started a business), this is your sign to take a second look.
Your future self—and your loved ones—will thank you.
Whether you want a full financial review or just want to ask a few questions about your current coverage, I’m here. Visit our website upsurgefinancial.ca to book a free, no-pressure conversation. Let’s make sure your financial plan isn’t just growing—but protected, too.
About Cristina Evangelista Licup
Cristina is a licensed financial advisor and the heart behind Cup of Tyh. As a licensed Financial Advisor (and Mortgage Advisor) based in Winnipeg, she specializes in helping immigrants, first-time homeowners, young families and sandwich generation clients build financial plans that are grounded, honest, and practical. Her mission is to make financial literacy and protection feel warm, human, and doable—one conversation at a time.
DISCLAIMER: This article provides general information only and should not be considered legal, financial, or professional advice. You should consult a qualified professional for guidance tailored to your specific situation. While the information presented is believed to be accurate and up to date, its completeness and reliability are not guaranteed. The views expressed are those of the author(s) as of the date of publication and may change without notice. No endorsement of any third parties, their advice, opinions, products, or services is given or implied by Upsurge Financial Services Inc. or its affiliates.