Gail Vaz-Oxlade| Financial Columnist, Author and TV Personality

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Gail Vaz-Oxlade

Financial Columnist, Author, and TV Personality

What type of disability insurance do you own?

I have a private, job-specific disability plan for which I am covered up to $3,000 a month with a 90-day waiting period.

What factors did you consider when determining the coverage amount?

My hard costs at the time I took it out ($3,000 a month) and my healthy emergency fund (hence, the 90-day waiting-period).

Do you think people underestimate the importance of disability insurance, and if so, why?

I do think people underestimate how important disability insurance is, which is why I talk about it so much. People think that if they have savings, that’s enough. It’s not. A disability that lasts more than 90 days will blow your savings out of the water.

What are some limitations or exclusions people should watch out for?

The definition of “disability” is the most important thing, I think. So often, people are surprised to learn their benefits won’t pay out because they can do “any” job and their definition wasn’t specific enough. Insurance companies don’t like to pay out, so getting an iron-clad definition is important.

If you had to choose between critical illness and disability insurance, which one would you choose and why?

I tell people to get disability insurance and, if they can’t, to go for critical illness insurance.

Personal finance expert, author, and columnist Gail Vaz-Oxlade is best known as the host of a number of Canadian personal finance reality shows, including ‘Til Debt Do Us Part, Princess, and Money Moron. Her column has appeared in The Globe and Mail, Chatelaine, Yahoo! Finance Canada, IE: Money, and MoneySense.ca. She is also the author of a number of financial self-help books, including her newest one, Money Rules: Rule Your Money or Your Money Will Rule You. As of 2014, she has left the reality TV world, tired of constantly having to “ramp up the drama,” to focus on her newest project, a social network and online community designed to teach financial literacy called www.mymoneymychoices.com.

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