Disability Insurance - How important is Planning?
Where does your money come from if you were to become disabled as a result of an accident or sickness?
Depleting Savings
Do you want to deplete your trust fund or use your retirement savings. It’s possible that you could use 10 years of your savings in 6 months, that’s if you saved 5% of your income each year.
Borrowing & Loans
Can you rely on family, friends or a financial institution? Many banks do not lend money to someone without an income.
Your Spousal’s Income
Is your spouse able to pay all your monthly expenses and maintain your current standard of living?
Selling Your Assets
Do you want to sell your home or car? Are you able to receive fair market value for these assets?
If you will always need an income, consider how Disability Insurance helps you.
Without an income you could not afford a car, or a house but with Disability Insurance you have protection. Even your possessions are protected!
Without disability insurance, your other insurance may not be enough to protect your standard of living. Your ability to earn an income is one of your most valuable assets. Protect your tomorrow with Disability Insurance today.
What are your chances of becoming Disabled
With a 1 in 3 chance of an injury or illness that leaves you unable to work Disability Insurance becomes essential insurance for anyone who does not have it from their employer. Have a look at the current statistics:
- Odds of becoming disabled for 90 days or longer during working career 8 times higher than chance of dying during same period
- Average length of disability that lasts longer than 90 days is 2.9 years
- Chances of becoming disabled for 90 days or longer at least once before age 65 is 1 in 3
Accidents and illnesses are facts of life and can happen to anyone at any time, and in a second can change your life forever. Don't take chances.
Service Canada - CPP
