Disability Insurance: Canada’s Forgotten Insurance

Good thing he has the right coverage

When you're young it's easy to think you're invincible and nothing will ever happen to you, but the hard truth is, if you're under 65, you're 60% more likely to become disabled than you are to die.

The second leading cause of bankruptcy in Canada, behind over extension of credit, (29%) is injury or illness leading to disability (15%) because it blocks people from sustained employment. Yet, most Canadians don't understand how disability insurance works and why they may not be adequately covered.

If you were to ask a group of working people whether or not they have disability insurance, most of them would say, "Yes." But the fact is, most of these individuals are either under-insured, or have inferior coverage. Government disability plans are very limited in scope and coverage amounts. Most group plans cap the monthly disability benefit for employees. For example, employees earning 75,000 a year may only receive $2,000 a month or less in disability benefits.

If you're under 65, you're 60% more likely to become disabled than you are to die.

Individual disability insurance can perserve your income for your family in the event that you become too disabled to work. We can help you find the lowest disability premiums in Canada with our online Instant Quote Page.

But more importantly, we can help you get the right answers to the following questions:

• What elimination and benefit period are right for you?
• What are the different definitions of disability?
• What are the benefits and drawbacks of both Non-Concealable and Guaranteed Renewable coverage?
• How can I maximize the probability of my claim being paid out?
• What riders, if any, are best to add to my policy?
• Can I be over-insured?

If you have any more questions, or would like me to customize a plan to your specific situation, please contact me directly at 1.866.899.4849.