Don’t Underestimate The Importance of Disability Insurance

Posted on August 11, 2009 and updated September 21, 2010 in Life Insurance Canada News 2 min read

What people mostly imagine under ‘disability’ is the loss of mobility after a sudden accident related either to work or sport. But the statistic tells us quite a different story: people are twice as much likely to be disabled due to a serious illness such as cancer, diabetes or heart disease than to an accident.

Your chances of becoming disabled;

People under 65 years of age are twice as much likely to become long-term disabled than to die due to accident or illness. Of course the chances of becoming disabled gradually raises with age:

  • 3 in 100 children up to 14 years of age become disabled

  • 4 in 100 young adults between 15 to 24 become disabled

  • 7 in 100 adults between 25 to 44 become disabled

  • 17 in 100 adults between 45 to 64 become disabled

  • 40 in 100 adults 65 and over become disabled

  • 53 in 100 adults over 75 reported disability
    (Source: Statcan)

At the moment 14 in 100 Canadians (4.4 million) are classed as disabled.

(Don’t Underestimate The Importance of Disability Insurance continued…)

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