What would you do?
Imagine for a moment that you were to become disabled due to an accident or illness, even for a short period of time. Consider how difficult it would be for you and your family to continue managing your monthly expenses. The reality is that most of us would have trouble paying our bills if our paycheque was delayed, even for one week.
Did you know, the number one cause of mortgage defaults and retirement savings decline is loss of employment due to injury or illness?
Disability insurance is a product that protects your ability to remain financially stable should an accident or injury threaten your ability to work and earn a living.
Why should you consider income protection:
- An injury resulting in disability will impact your income, making it difficult to pay bills or maintain your standard of living.
- Worker’s compensation only pays out in work-related accidents.
- Unemployment insurance typically pays for 15 weeks, which is generally insufficient for serious injuries. Self-employed individuals don’t qualify.
- Canada Pension Plan and Quebec Pension plan offer only limited benefits.
- Group coverage typically doesn’t offer enough coverage and may be limited by type of disability.