Our family immigrated from South-Africa to work and live in Canada. I worked as a family Doctor in Newfoundland and decided I needed an income protector plan in case I got disabled for whatever reason. I was very healthy and never missed a day from work in 3 years. Because of my busy schedule, it took 3 years to finally convince me to take out the income protector plan.
The final paperwork was done and one year later I was diagnosed with a late stage bone cancer. After chemotherapy, several surgeries and radiotherapy, I was deemed permanently disabled to work. My current disability insurance paid barely 66 % of my prior salary, so needless to say, this placed us in a terrible financial state.
Fortunately the income protector plan started paying out monthly, the same amount I was earning prior to my diagnosis. This is a non taxable amount and with it we can continue our standard of living as before. The income protector plan is also coupled with inflation so the payment amount increases.
The message here is that nobody is healthy enough to say they do not need an income protector plan like the one that was suggested to us. Thank you so much!
