The 3 Big Life Risks You Can't Afford to Ignore
- Keston Hackett
- Aug 1
- 3 min read
Some risks are obvious. Others are uncomfortable to think about.
But these three? They’re universal and potentially devastating if you’re not prepared.
Every person, no matter their age, income, or life stage, is vulnerable to:
Living too long
Dying too soon
Becoming Critically ill or Disabled
This blog explores what each risk truly means and how you can protect yourself and your loved ones from the financial consequences.
1. Living Too Long
It sounds strange to call longevity a risk. After all, most people hope to enjoy a long life. But what if you outlive your money?
They say retirement used to be a 10-year chapter. Now, it can last 20, 30, or even 40 years. That is a long time to depend on savings, pensions, or investments, especially when the cost of living keeps rising and healthcare seems to be getting more expensive with age.
A longer life means more time to enjoy, but also more to plan for. Will your retirement income support the lifestyle you want? Will it keep up with inflation? Can you access funds easily if an emergency arises? Will you leave something behind for your loved ones?
These questions touch on four financial priorities most retirees share: lifestyle, longevity, liquidity, and legacy. When balanced well, they help secure not just a retirement but a life worth living in every season.
But there is another hidden danger. It is not just how long you live, but when your investments perform well or poorly that can affect your retirement. This is known as the sequence of returns risk. If markets dip early in retirement while you are withdrawing funds, even a well-built portfolio can fall apart quickly.
That is why safety must come first. A strong retirement plan is not just about chasing returns. It is about protecting income, preserving dignity, and ensuring you never have to choose between essentials and enjoyment as you age.
2. Dying Too Soon
It is uncomfortable to think about, but no one is promised tomorrow. And while we hope for a long life, what if you pass away before your plans are complete?
For families who depend on a breadwinner, the sudden loss of income can be devastating. Mortgage payments, school fees, groceries, transportation, and other monthly expenses do not stop. In fact, they often grow, especially if debt is involved or legal matters arise.
Too many families go from stable to struggling in a matter of months because there was no plan in place. They rely on relatives, GoFundMe campaigns, or even loans to get by.
Life insurance is not for the person who dies. It is for the people who live. It provides a lump sum of money that can help your loved ones maintain their lifestyle, keep their home, cover outstanding debts, and pursue the dreams you had for them, even in your absence.
The truth is, not everyone can get life insurance. If you’re healthy enough to qualify for coverage and can afford the premium, don’t wait. Every day you wait is a risk you carry.
3. Becoming Critically Ill or Disabled
You do not have to die to lose everything.
A serious illness or injury can instantly change your ability to earn, live independently, or care for your family. One day you are providing. Next, you are depending on savings, loved ones, or even strangers.
In Trinidad and Tobago, critical illnesses like cancer, strokes, heart disease, and diabetes are becoming more common, affecting younger and more active people every year. Yet, many families are only one medical emergency away from financial hardship.
The costs of treatment and recovery can be overwhelming. Lost income, medications, private care, home or car modifications, special equipment and support add up quickly. Health insurance often only covers part of these expenses. The rest falls to you.
Disability can be even more financially draining. It affects your lifestyle, your independence, and your ability to provide for others.
Being prepared means having a financial plan that steps in when you cannot. It means protecting your income, your dignity, and your future no matter what life throws at you.
Take the Next Step
The right information and a personalized plan can protect your future and give you the peace of mind you deserve.
Book a Life Strategy Session with me today, at no cost to you. Together, we will tailor-make a plan that fits your unique needs and goals.
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