With Disability Comes Debt: Why Employees and Self-Employed Individuals Need Disability Insurance

With Disability Comes Debt: Why Employees and Self-Employed Individuals Need Disability Insurance

200276545-001

Ninety-six per cent of Canadians believe that a disability could occur at any time. More than three quarters of Canadians also believe that missing three months of work due to a disability would cause serious financial jeopardy. Are you aware of how much Disability Insurance Coverage you have? Are you self-employed and do not have a Disability Insurance policy?

Given the fact that one in three Canadians will experience a period of disability lasting longer than 90 days during their working lives, Disability Coverage is a key piece to have in any person’s Insurance portfolio.  

Here are some steps you can take to prepare yourself for a possible period of Disability in your future:

Forecast your spending to ensure you have enough coverage. Most Canadians are accustomed to budgeting. Try forecasting your estimated spending and ensure that your Disability Insurance policy will provide enough coverage for your spending habits.

Understand the terms. When will you receive your payouts? What’s covered by your policy and what will you have to pay for out-of-pocket? If your employer offers Disability Insurance, make sure you fully understand the terms of your policy. If you’re self-employed, or you don’t receive Disability Insurance from your workplace, speak with an Insurance Advisor about opening a policy.

Stay healthy. There are some disabilities that we simply cannot protect against, but there are many that we can. Exercise, eat right, and quit smoking, and you can lower your chances for future health issues, while increasing your quality of life.  

Disability Insurance coverage can be affordable and invaluable at a time when you need it most. Contact Harry Perler or David Olejnik to explore the options available to you.