Disability Insurance, just like Critical Illness Insurance, is an important part of a healthy and stable financial plan because it protects your most valuable asset - your ability to earn an income. In the case you become unable to work due to a disability, Disability Insurance provides a regular paycheque to cover regular weekly expenses and maintain a similar lifestyle as prior to the disability. A disability to the primary wage earner can seriously impact a households financial situation. Six months of total disability could cost up to 10 years of savings(based on 5% savings/yr), if there is no paycheque.
While we, of course do not expect to have a disability, research has proven that the risk of becoming disabled for 3 months or more before age 65 is quite high (charts below). Protecting your paycheque now, by having Disability Insurance, will bring security and stability to your household at a time when dealing with a disability, not financial challenges, should be ones main priority.
We would love to help you get a Disability Insurance Plan that is right for you!
If you would like to get more information about Disability Insurance or book a meeting with us