Monday, July 19, 2010

Were You and Your Loved Ones Caught Up in The Earthquake In Canada Last Week?

Did you feel the earthquake that struck south eastern Ontario and some of Quebec on June 23, 2010 at 1:41 pm EST?

Luckily, the magnitude was only 5.0 according to the US Geological Survey, and no extreme damage was reported. Just 61 km north of Ottawa is where the epicentre of the earthquake happened.

As reports came in, many people spoke of a gradual rumbling which escalated in intensity, a bit like building work going off below or around you. The vibrations could be felt as high up as the 9th floor of office and apartment blocks according to eye witnesses. The rumbling sensation may have been mild, but Lorne certainly felt the earthquake.

Even though natural disasters happen very rarely in Canada, they do occur and it brings home to us all how vulnerable we all are. It definitely makes me wonder what I can do to protect myself and my family should another disaster hit us.

Along with normal emergency preparedness, part of your preparation should include life insurance.

What many people do not understand is that along with disasters such as floods or hurricanes, earthquakes are one of the most expensive natural disasters. Earthquakes account for 30% of all damage by natural disasters from 1950-2001. While the human cost of earthquakes is only 9% compared to the 42% occurring due to famine, famine only accounts for 4% of the damage which is tiny in comparison to earthquakes.

People losing their lives fell in the 90's from 86,328 per year in the 80's to 75,252; but those touched by natural disaster climbed from147 million in the 80s to 211 million people a year in the 90's.

With a big increase in monetary impact from natural disasters since the 1960's we also see an increase of occurrences, which isn't good news.

With more disasters occurring then it stands to reason that more and more people are going to have their lives affected by them, as a result it is only natural to look at ways of minimizing the impact on your family.

The five influential Canadian insurance organizations we surveyed do provide death benefits for you and your family if such disasters take place, but you need to check the policy carefully if you choose not to use them and go elsewhere. If you are urged not to travel somewhere, such as a war zone and you do, be aware that this is one exception that insurance companies put in place on their schemes.

Delivered by Lorne Marr, the founder of LSM Insurance and mortgage life insurance expert

Not every shake is the same!

Green shake in a cup.

image by elana's pantry

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