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Why would you need Disability Insurance?

If you were to become sick or injured in your prime working years, who would continue to provide you with a paycheque? Your ability to earn an income, especially in your prime earning years is the most important resource you can provide for your family’s well-being?

But what would happen if you became disabled through an accident, or injured through a debilitating disease, mental health, or joint or muscle disorders?

Would your family finances survive? Would you be able to provide for the basic needs of your family, your Mortgage, Utilities and Groceries? What we like to refer to as the MUG Formula.

For only a small percentage of your current income, generally 2%, you can guarantee you will always have a consistent cash flow into your family’s income, no matter what would happen throughout your life…

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What is the True Value of your Income at Risk until Retirement?

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Total Amount at Risk In Todays Dollars$

Benefits of Disability Insurance

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You Have Flexible Options

A personally owned disability insurance plan offers a range of benefit and premium options to suit your occupation, income level and many other factors.

It Fills the Gap

By relying on Canada Pension Plan (CPP) and Employment Insurance (EI) disability benefits you are limited to very low maximums and may fall far short of your family’s needs.

It Helps you Return to Work

Many of the plans we provide include return to work benefits such as rehabilitation, job retraining and other services to help you get back to work, so you may continue to do what you do best…

It is Portable, no matter where you go

Most Employer-Sponsored Plans or Group Plans may end when you leave your job. A Personally Owned Disability Insurance plan will follow along with you, and the costs will be locked in.

I already have Disability Insurance through my work, but

  • Have you Reviewed the Amount that is available to you?
  • Is it a Taxable or non-Taxable Benefit?
  • Is it an Own Occupation Policy or an Any Occupation Policy?
  • What is your Waiting Period?
  • Are Benefits coordinated with CPP or EI?
  • Do you have a COLA rider?
  • Does it cover Office Expenses such as Rent, Salaries, Loans, Equipment and so on…
  • Are the Rates Guaranteed until Retirement?
  • Do you receive a benefit for a Partial Disability?
  • And much more…

What is the True Value of your Income at Risk?

35
Total Amount at Risk In Todays Dollars$

“Me? I’m young and healthy. I don’t need disability insurance.”

The fact is that one in four of today’s 20-year-olds will become disabled at some point in their career, according to the CPP ODSP Statistics. That’s a pretty big risk to take. How long would you be able to meet your rent or mortgage, car payments, bills and other monthly expenses if you couldn’t work?

Disability insurance is there for just that reason. If you were sick or injured and unable to work, it would replace a portion of your paycheck until you could work again. Think of it as insurance for your paycheck.

Life can happen in an instant, so protect your financial future with disability insurance.

“I don’t need disability insurance because I don’t work in a dangerous profession.”

This is a common misconception people have when thinking about whether they need to protect their paycheck with disability insurance. But the truth is, illness—not accidents—account for most disabilities that keep people out of work.

That’s why there’s disability insurance. If you were sick or injured and unable to work, it would replace a portion of your paycheck until you could work again. Think of it as insurance for your paycheck.

Life can happen in an instant, so protect your financial future with disability insurance.

“I don’t need disability insurance because I have it through work.”

Disability insurance through your job is a great benefit, but make sure you find out exactly what type coverage you have. Is it short-term, long-term? How much of your paycheck does it cover and for how long?

Remember, if you were sick or injured and unable to work, it’s your disability insurance that would replace a portion of your paycheck until you could work again. Make sure it’s enough to help you make ends meet.

Life can happen in an instant, so protect your financial future with disability insurance.

What would you rather do?

Disability Insurance typically costs 2% of your annual wage to properly protect your Income. If you were offered a job that paid $100,000 per year but had no income protection guarantees. Or you were offered a job that paid $98,000 per year guaranteed until retirement, no matter what happened, which job offer would you choose???

If you knew your home, which you perceive as your family’s greatest asset, was only insured for 1/3 of its replacement cost, would this worry you? If you had a $1,000,000 home, and found out that the current insurance coverage would only pay for a $300,000 replacement house if it burned down, when would you want to know about this? Now or at claim time?

How does your Income Protection Program hold up, are you protecting 100% of your Paycheque or only 33%?

Protect your Business or Practice with Business Overhead Expense Insurance (BOE)

Keep the lights on while you’re off

Running your own business is a great opportunity. It’s also a big responsibility. If you’re off sick for a period of time, who’s going to pay the bills? With Business Overhead Expense (BOE) Insurance, you can rest easy knowing your office expenses are being paid, in case of an illness, accident, sickness or a disability while you are busy recovering.

Office Overhead Expense Insurance…

  • Is payable if you are temporarily totally disabled or seriously ill
  • Covers the normal costs of running a business that’s outside your home
  • Pays staff salaries so they can keep working
  • Is especially important if you’re the only person who is responsible for the business expenses

Here is an example of Expenses Covered…

  • Rent or mortgage interest
  • Heat, water and electricity
  • Interest on business loans made for office equipment or automobile
  • Telephone
  • Salaries of employees
  • Accounting services
  • Property taxes on business premises/business taxes
  • Lease of equipment (including business use of automobile)
  • Depreciation or scheduled principal payments on office equipment and business use of automobiles, and
  • Professional association membership dues

Make sure your business is also covered in the event of a sickness, illness, accident or a disability…

Give us a call today at 1-800-303-7196 or Get a Quote