The ability to earn an income is the single, most valuable asset of any individual during their working years. Yet, disability insurance is often overlooked in many financial plans. Disability insurance is designed to replace a portion of your lost income in the event that you are unable to work due to an injury or an illness. This can be sudden or due to a degenerative condition which can rob you of your ability to earn a living. The fact is, when you are disabled, your income stops - but your bills don't.
The benefit amount is usually a percentage of income, depending on the type of contract and the company chosen. It must be purchased prior to the injury or illness and only if you have employment or self-employment income. Some people may completely ignore the financial devastation that would result from a disabling injury or sickness. The sudden loss of income that could result may have serious financial consequences for you and your loved ones. Is this the risk you are willing to take?
At Everlife Financial, we help you protect your greatest asset.... yourself.
At Everlife Financial, we specialize in group benefits for you and your employees.
1 in 3 people will suffer a disability that keeps them out of work for 90 days or longer at some point during their working years.
1 in 7 workers can expect to be disabled for five or more years before retirement.
A disability can last for months, years or even for the rest of your life.
What are YOUR chances of being disabled?
Your chances of having a disability are higher than you might think. According to Statistics Canada, about 3.8 million people, or 13.7% of Canadians aged 15 and older, reported being limited in their daily activities because of a disability in 2012. And nearly one-half (48.5%) of those reporting a disability described their disability as being severe or very severe.
Consider these situations:
A person spends months recuperating from a car accident.
A carpenter breaks an arm while skiing and can’t work for eight weeks.
An overworked doctor must “take it easy” after a heart attack.
Chemotherapy saps the energy of a busy store manager.
A stroke affects a computer programmer’s ability to reason with numbers.
An individual has been diagnosed with major depressive disorder following a traumatic event.
Why workplace coverage may not be enough
Your work may already provide disability insurance through your group benefits plan, but group disability plans can be more restrictive than you may think.
Consider a common scenario if you switch jobs and move to a different employer that doesn’t offer disability insurance coverage. Having your own individual policy lets you control your coverage and ensures that you always have this important protection in place.
Workplace disability coverage may not provide the protection you need. Check your workplace coverage carefully and consider supplementing it with individual disability insurance.