What is Disability Insurance?

Disability insurance provides a tax-free monthly benefit to help replace your income and cover your expenses if an illness or injury prevents you from working.

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One in three Canadians will suffer from a disability before the age of 65, and not all disabilities originate at the workplace. Women suffer more disabilities than men, across all age groups, and yet tend not to have a plan in place to protect themselves against loss of income.

 

Ask yourself:

• Could you afford to take a two-year vacation (or longer) without any income?

• If you suddenly lost your income, where would the money come from to fund a successful recovery, while maintaining your current lifestyle? Would you have to deplete your retirement savings or sell your home?

• Could you maintain your monthly expenses such as your mortgage, taxes, car payments, car insurance, cable bill, phone bill, internet bill, groceries, and other expenses, if you or one of your family members became disabled?

 

If you are unsure about the answers to any of the above questions, this may be the time to discuss the importance of disability protection.