Tim Landry | Living Benefits Consultant

Tim Landry
Living Benefits Consultant, QTR Solutions

1. What type of disability insurance do you own?
I own $4,000 a month of non-can disability insurance (luckily because most groups and lesser quality products would not protect me as a 68-year-old.) I also owned $1,500 a month of Retirement Protector, but that ended at age 65.

2. What factors did you consider when determining the coverage amount?
When determining the amount, I always balance two sides of the see-saw — need and budget — and build a plan that fits both sides. I made absolutely sure that I had three things: Regular Occupation protection to Age 65, Residual Disability, and Guaranteed Insurability Option.

3. Do you think people underestimate the importance of disability insurance, and if so, why?
People do not properly value disability insurance. First, they deny it can happen to them. No one, other than the staff of the hospital, expected to be there today. There are three sure things in life — not two — and disability is more certain than taxes. Stephen Harper could (do not for a moment believe that he will) eliminate taxes tomorrow. It would literally require an act of God to eliminate disabilities. I have been disabled since 1963 and I know I will be disabled again. The only uncertainties? Timing and duration.

4. What are some limitations or exclusions people should watch out for?
What should they look out for? Watch the definition of “injury.” If it’s defined as “directly or independently of all other causes” — watch out. Generally, exclusions do not bother me. Due to a polio diagnosis at age five, I always had a back exclusion, but I may have missed two weeks in 54 years of work. Most of all, include the three features I mentioned above and ask a knowledgeable person for an analysis.

5. If you had to choose between Critical Illness and Disability Insurance, which one would you choose and why?
Which would I buy if I had to choose between disability insurance and critical insurance? Disability insurance without question, as the potential loss is far larger. But, at this point, my first choice would be Long Term Care insurance. At my age, that is basically all I can still buy (laughs).

Tim Landry

I have been involved with Living Benefits since October 1969. I have worked for companies as well as MGA’s. Originally, my strength was my product knowledge, but Easter Weekend 1988 taught me that product knowledge – no matter how great – is not enough. That weekend I learned that disability can affect everyone and it hit my brother hard. He was in his car driving from Orangeville to the Toronto Airport when some idiot passed him where he should not have. Result: a head-on collision at a combined speed of 200 kmph. We thought we lost him. He has had seven hip rebuilds and the last time I saw him without his cane, he was dancing with his daughter at her wedding.  Still, all this is minor. The blood transfusions that saved his life gave him Hepatitis C. I will do everything in my power, so that no one has to live with something like this.

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  • Lewis
    July 21, 2014 at 2:23 am

    Good points Tim. People underestimate the importance of disability insurance, Life is uncertain you never know what can happen and the impact this can have on your finances can’t be overstated.

    • LSM Insurance
      July 21, 2014 at 7:21 am

      Well said Lewis!