When thinking of disability insurance, think about the fact that your ability to earn an income can be a bigger asset than both your home or vehicle, and losing it could immediately affect the lifestyle you’ve created. An accident or serious illness can unfortunately happen to anyone of us at anytime, leaving you unable to work and unable to earn that income. Disability insurance can help provide you with some financial protection by replacing a portion of your earnings if an illness or accident occurs.
Why Can Disability Insurance Be An Important Part Of Your Plan?
Unfortunately illnesses and accidents are a fact of life and unpredictable. Were you aware that:
- 1 in 3 people on average will be disabled for 90 days or longer at least once before they turn 65
- The average length of disability that lasts over 90 days is 2.9 years
- Worker’s Compensation only covers work related accidents
- Unemployment insurance only covers a maximum 15 weeks
- The Canada Pension Plan (CPP) does include a disability coverage but at a 2013 maximum monthly benefit of $1212.90 (likely much less than you’d be eligible for with a personal owned disability plan)
- To qualify for the CPP disability benefit, your disability must be considered a “severe and prolonged” and you must be unable to work at “any occupation” (with personal disability coverage the benefits can be received with less restricted definitions of disability)
As an independent insurance brokerage Manion & Associates has access to a wide range of disability insurance products allowing us to shop the market to find you the right product at the best price. Whether you are an employee or business owner our job is to explain the details and layout all your available options.