Ep 24: SPECIAL EPISODE: CrossOver Episode Beyond MD Podcast - Critical Illness Insurance | Dr Yatin Chadha

03/17/22 • 44 min

Having a good financial plan is crucial in the event of a critical illness. Having sufficient finances to cover all expenses can make the situation less stressful for all parties involved.

Critical illness insurance is never thought about enough: the stage of life, retirement decumulation, the different risks that come with it... We listen from friends, neighbors, advisors, or even the web. Everybody has full access to information but it’s really important to slow down and let someone in that industry explain everything to you before making an informed decision.

In today's crossover episode of Mind Your Biz Podcast we are joined by Dr. Yatin Chadha. He is the host of Beyond MD Podcast, which he launched in 2020, that focuses on financial literacy. The content is provided by subject experts but is steered by Dr. Yatin Chadha to ensure relevance to healthcare professionals in Canada.

Tune in as we uncover more of Critical Illness Insurance!

Highlights:

[07:24]Demystifying Critical Illness Insurance (CI) and its difference with Disability Insurance (DI)

[10:08]What is the coverage of Critical Insurance?

[12:41]Living in Canada: Do I Need It?

[17:47]Critical Illness: Personal, Corporate and Shared Ownership (Dollar CI)

[20:44]Return of Premium (ROP): The Popular Feature of CI

[27:44]What is Loss of Independence?

[29:46]Two Different Types of Policies for Children

[33:45]Considering CI: Must-Ask Questions

[37:35]Retirement: What is Sequence of Return

[43:02]Retirement: What is Longevity Risk

Links:

Website:http://beyondmdpodcast.com/

LinkedIn:https://www.linkedin.com/in/yatin-chadha-29074b109/

Facebook:https://www.facebook.com/yatin.chadha.3

Instagram:https://www.instagram.com/beyond.md/

Twitter:https://twitter.com/yatinchadhamd

Things Mentioned:

Ontario Securities Commission

Advisor’s Eagle

Mayor Hazel McCallion of Mississauga

Having a good financial plan is crucial in the event of a critical illness. Having sufficient finances to cover all expenses can make the situation less stressful for all parties involved.

Tune in as we uncover more of Critical Illness Insurance!

Highlights:

[07:24]Demystifying Critical Illness Insurance (CI) and its difference with Disability Insurance (DI)

[10:08]What is the coverage of Critical Insurance?

[12:41]Living in Canada: Do I Need It?

[17:47]Critical Illness: Personal, Corporate and Shared Ownership (Dollar CI)

[20:44]Return of Premium (ROP): The Popular Feature of CI

[27:44]What is Loss of Independence?

[29:46]Two Different Types of Policies for Children

[33:45]Considering CI: Must-Ask Questions

[37:35]Retirement: What is Sequence of Return

[43:02]Retirement: What is Longevity Risk

Links:

Website:http://beyondmdpodcast.com/

LinkedIn:https://www.linkedin.com/in/yatin-chadha-29074b109/

Facebook:https://www.facebook.com/yatin.chadha.3

Instagram:https://www.instagram.com/beyond.md/

Twitter:https://twitter.com/yatinchadhamd

Things Mentioned:

Ontario Securities Commission

Advisor’s Eagle

Mayor Hazel McCallion of Mississauga

Previous Episode

Ep 23: Turning Artistry Into Business | Founder Jaxon Howell

This week we are joined by Jaxon Howell; owner and founder of Hats by Howell. Jaxon is a true artist in every sense. He is a professional photographer, carpenter, and hat maker who took on the adventure of turning his passion into a business by leaving his flight attendant career to become an entrepreneur.

Tune in as we talk about how we can turn our artistic side into a business and listen to our guest’s inspiring entrepreneurial story!

Highlights:

[02:15] All About Hats by Howell

[04:20] What do hats mean to him?

[05:41] What made him start a carpentry business?

[08:00] What pushed him to go full-fledged on his entrepreneurial role and left the airline industry?

[10:06] How did he mitigate some of those turbulent times at the beginning of his transition?

[12:20] The Power of Asking in Entrepreneurship

[14:57] The Importance of Shifting from Scarcity to Abundance Mindset

[18:30] How did he start with the Hats by Howell?

[27:50] Did he find a certain amount of courage making this transition based on the success of the previous transition?

[31:45] Why is it so important to understand finances and money as a kid?

[35:00] What would be that one piece of advice that he could give to someone on following their passion and turning it into a business?

[39:20] How can you mitigate any risk over and above that tolerance to still go and pursue what you want to do?

Link:

https://www.instagram.com/hatsbyhowell/?hl=en

Next Episode

Ep 25: Making Better Biz Decision Based on FACTS | Bookkeeping Coach Jami Monte

In today's episode of Mind Your Biz Podcast we are joined by Jami Monte - CPA, bookkeeping coach and owner of Monte CPA. Jami empowers small business owners by coaching them on how to manage their own bookkeeping and how to leverage the financial data. We discuss how having a clear understanding of your business's finances can help owners make strategic business decisions. We also get real about write-offs and P/L reports.

Tune in to this high-energy episode! Be empowered and learn wholesome information and advice to take your business to the next level!

Highlights:

[1:55] What made her decide to become a CPA?

[05:10] How she ends up as a yoga teacher

[08:25] What was her stepping stone to entrepreneurialism?

[10:22] How long has she been doing yoga?

[14:17] Her reason for using her CPA license

[17:38] Bookkeeping: All You Need to Know

[20:50] What are some of the ways that business owners can find or have more money now?

[21:30] What is a Tax Write-Off?

[33:09] Why you should DO your own bookkeeping

[39:25] The Basics for Bookkeeping