Disability Insurance
What is disability insurance?
A disability can result from a number of causes, including an injury, a serious illness or a mental health issue. Disability insurance is designed to replace a portion of your income, if you become disabled and are unable to earn almost a full income. Upon recovery from a disability, the policy still continues, and the benefits could potentially be payable again for subsequent disabilities or for the recurrence of a prior disability.
Why you need to have a Disability Insurance coverage for yourself
- Worker's Compensation only covers work related accidents.
- Employment insurance only covers 15 weeks of disability.
- Can you rely on Canada Pension Plan? For 2018, the average monthly CPP disability pension was $971 and the maximum monthly amount is $1,336. You will receive the basic monthly amount fixed for all recipients ($485), plus an amount based on how much you contributed to the CPP during your entire working career. Are you comfortable relying on the government for a benefit that can change?
- Group and association coverage can fill a valuable role in long-term disability protection. However, the benefit may be limited by the definition of disability that may disqualify you from receiving the benefit at all and the coverage amount is usually is not adequate.
What's the possibility of becoming disable while working?
It's more than you would imagine.
Most people are unaware of the startling disability statistics. The chances of becoming disabled for 3 months or longer before age 65 are:*
Percentage |
58% |
54% |
50% |
48% |
40% |
30% |
23% |
Age |
25 |
30 |
35 |
40 |
45 |
50 |
55 |
* Derived from 1985 Commissioners Individual Disability Table A.
The possibility that a person will become disabled before the age of 65 is five-times greater than the risk of his/her death.
Always Remember, a custom designed individual disability insurance plan over the group insurance disability will provide you with guaranteed coverage and guaranteed premiums. Please contact us today for your no-obligation consultation. We look forward to helping you and your family.
Contact us for a complimentary consultation with NO obligations.