Disability insurance replaces a portion of your income if you become disabled from an accident or sickness.
People are unaware of the startling disability statistics. Often they have purchased life insurance to protect their families in the event of death.
In fact, the odds are far greater that a person will become disabled in a given year than that he or she will die. There is at least an eight times greater chance of suffering a disability of at least 90 days as compared to the chances of death (up to age 37). While death may be inevitable, disability is more probable at any given age.
Where would you like to put your family’s financial security?
Government Run Legislative Disability Programs: – Designed and Controlled by the government.
Workers Compensation: A Provincial Government program providing tax free income for accidents that occur at work. You may receive up to 90% of your net income to the age of 65.
Unemployment Insurance: A Federal Government program providing income for a lay-off or a disability caused by an accident or illness off the job. There is 15 day waiting period, with benefits paid for a maximum of 15 weeks. The maximum weekly benefit is $485, based upon an annual salary of $45,900.
Canada Pension Disability Benefit: A Federal Government program. In order to qualify for benefits you must have a disability considered to be “severe” and “prolonged”. It must also prevent a person from being able to do “any job” on a consistent basis. The average monthly payment for 2011 is $1,153.37. Benefits cease at age 65
Private Disability Insurance Policies: – Designed and Owned by you.
Group Disability Plans: A percentage of an employee’s income is paid as a result of a disability caused by an accident or sickness. This benefit is paid after short term disability or EI disability benefits have been exhausted. Payment periods are determined by the employer, either a set number of years or to age 65.
Personally Owned Disability Policy: Premiums are level and guaranteed for the duration of coverage, you are the only person who can cancel the plan. Disability benefits can be paid from the 1st day of an accident and can continue to the age of 70. Sickness coverage is also available with benefits commencing from the 30-60-90-120 day of illness, you choose.
More information on Disability products? CLICK HERE