Are you considering signing up for a disability insurance policy should an accident strike? You have come to the right place. The professional team at Perler Wealth will talk you through all of your available options in a clearly understandable manner and offer you a custom solution. Call us today on 604 468 0888 to discuss your requirements and book a meeting.
Why Does Disabled Insurance Matter?
Statistics show that one in six Canadians will be disabled for at least three months before they reach the age of 50. While no one ever thinks it’s going to happen to them during their prime working years, accidents do occur, so making plans for disability insurance early is a smart choice. Perler Wealth is here to help you with that.
The group insurance that you have as a working professional is unlikely to cover the level of income replacement that you would need should you find yourself unable to work. With long term disabled insurance, you can fix this and be proactive.
There are two broad types of disability income insurance coverage to consider. There’s “any occupation” cover that pays you if you can’t work due to a disability. For example, a surgeon who develops spasms would not qualify if he could potentially work as a taxi driver.
The second type is “regular occupation” coverage, which pays if your disability stops you from working in your current profession. Both types of disability insurance are calculated as a percentage of your current salary, which is normally two thirds of your earned income.
Disability Income Insurance – A Case Study
Now we’ll take a look at a case study that will demonstrate the importance of thinking ahead and getting disability insurance. Jack was the CEO of an advertising company and a long distance runner in his spare time. This meant that he was in great shape and successful when he decided to get a disability plan.