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Disability Income

When I was younger, I had a conversation my creator and confirmed that when I was placed on this Earth nothing bad would happen to me.

I should have gotten that in writing!

Despite the lack of an eternal contract, I did have the ability and foresight to plan for “just in case” … so what’s your plan when the terms of your ‘contract’ for ever-lasting life and no disability are broken?

Statistics for disability are staggering considering 1-in-4 will suffer a disability before retirement.  Remember, a disability that lasts two-years, will likely extend to lifetime.

Disability Insurance is an integral part of any long-term financial plan, despite your age. A disability can be more financially devastating than death. Income is the foundation of the lifestyle you created and if that income is no longer available what do you have to maintain the household, pay expenses—life costs.

An acquaintance recently confided that despite being covered for his unexpected disability by both WCB and his group benefit plan, financially things were touch and go for months and he simply couldn’t afford to take the time for the recovery his doctors recommended.

To that point, Employee Group Benefit plans have maximums and non-evidence maximums and therefore are an unlikely source for FULL income protection as many employees do not bother to complete the medical questionnaire necessary to achieve the overall maximum and for those higher income earners, the monthly maximum may fall substantially short of their needs.

Those who wait to implement a benefit plan will likely miss their golden opportunity: lower rates and preferred rating potential.

No matter how young or healthy, disability does not discriminate to the old or infirm and once a person is unable to work … well, then it’s too late.

For those who think Canada Pension Plan, or some form of social government program will meet their financial needs, becoming disabled and trying to depend on that minimum income is a rude and rough awakening IF you are even approved for coverage.

When considering whether it is worth it to purchase individual disability coverage with the assumption it will never be used, consider adding a ‘return of premium’ option. When US based insurer Guardian reports more than $294-million paid in disability income for 2014, can you really ‘afford’ not to be covered?


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