This is income protection insurance. It protects you and your income if you are unable to do your job. It is based on the type of job, income and health. There are many variations and options with disability. It is the primary focus for those ages 21-55. Many people have some coverage with work. It is prudent to review the existing coverage for knowledge of coverage and to confirm if there are any limitations or maximums that could be of concern. Disability ends when you retire or generally at age 65. It is a plan in plan to protect the most important asset you have – The ability to earn income.
Your ability to earn income is your most valuable asset. Disability insurance is designed to protect you from a possible loss of income. What’s the possibility of this happening? Below are some statistics on disabilities occurring at different life stages.
It may surprise you that just over 1 in 4 of today’s 20 year-olds will become disabled before they retire.*
Why should you consider personal disability insurance?
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Worker’s Compensation only covers work related accidents.
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Unemployment insurance only covers 15 weeks.
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Canada Pension Plan: Are you comfortable relying on the government for a benefit that can change?
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Group and association coverage can fill a valuable role in long-term disability protection.
However, the benefit may be limited by the definition of disability and coverage amount.
Remember, a custom designed individual disability plan will provide you with guaranteed coverage and guaranteed premiums.