Money Matters

#MoneyMasterClass Recap–Week 29

This week introduced the topics of disability insurance, critical illness insurance, and a little life advice about selfish behaviour and how to address it.

Disability Insurance

Gail continued the discussion on insurance policies this week and introduced disability insurance. Gail emphasized this week again that we should buy insurance, not be sold insurance. In other words, make sure that you are not just getting sold on a product, but that you are intentionally buying something that fills a need for you.

Critical Illness

Another option is critical illness coverage, though Gail does say not to have both critical illness and disability insurance at the same time.

Selfishness

Last week ended with the topic of fear. This week is ended with selfishness. While these topics are in the context of personal finances for the Money Master Class, I really do feel like they are good to contemplate for all aspects of life.

One of the stand out tweets from this section for me was this one:
“It is NOT selfish to put your needs before another’s wants. It IS SELFISH to put your wants before your lovie’s needs.”

If someone is used to being on the negative receiving end of someone else’s selfish behaviour, it can feel like putting needs before wants is selfish. But it is not. It is so important to take care of your needs so that you are equipped to take care of someone’s wants.

T.O. Real Estate Summit, July 20 – 23, 2020

Just including this tweet that Gail promoted in case anyone was interested. I always trust Gail’s advice, so am happy to direct people to her resources.

The last two weeks we’ve been talking about different types of insurance policies. What have you learned from the discussion?

New to the Money Master Class? There’s still time to get started!
Check out this Twitter Archive to see all of Gail Vaz-Oxlade’s #MoneyMasterClass tweets from the start.
Find the resources, spreadsheets, and quizzes here: Money Master Class
Check out my weekly recaps to get caught up.
Start here with the Money Master Class Intro and Week One Recap

Check out Gail Vaz Oxlade’s books here:*

Money Rules
Debt Free Forever
CEO of Everything
Money Smart Kids

6 Comments

  • Nancy

    Ooooh so interesting to learn about disability insurance. It is ridiculous that there is insurance for so many different things. The fact that our teeth has its own insurance is beyond me. At the same time, we need to be informed about the artifacts within insurances. I always put my needs first, because in order to take care of others, I need to take care of myself first. No shame in that!

    Nancy ✨ exquisitely.me

    • A Sustainably Simple Life

      I hadn’t thought about how many types of insurance there were until Gail started laying it out for us in her class. There is so much to learn! And I totally agree with you on needing to put needs first in order to be able to take care of others. Thanks for commenting! 🙂

  • A in Texas

    I am grateful for the knowledge she keeps giving and your weekly summaries– as both are beneficial to me. I don’t have either long term disability or critical insurance. I have to see which ones are available for me in my area.

    • A Sustainably Simple Life

      I’m so grateful how Gail’s been laying out the info for each type of insurance. It helps me narrow down which type I might want to look into. Thanks for reading and commenting! 🙂

    • A Sustainably Simple Life

      It’s been a learning curve for me too! Gail Vaz Oxlade is a great resource on Twitter if you have questions. 🙂

What are your thoughts? Let us know in the comments!

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