Disability Insurance

Protecting your biggest asset

 

What is your biggest asset? Most people would say it is their house. In reality, it’s your ability to work. For example, a 35-year-old male earning an annual salary of $50,000 can expect to earn over $2 million until age 65 (assuming a 2.5% annual increase in earnings).

 

Disability Insurance is paycheque insurance. If you cannot earn an income, everything you work so hard for could be at risk. Disability Insurance provides employees and business owners with an income as long as they can’t work for due to any injury or illness.

 

A lot of people have coverage at work. However, there are important questions to ask when evaluating whether or not your plan at work is sufficient, or if there would be a need to top it up privately. 

 

How long do I have to wait until I start receiving benefits?

 

A typical waiting period for group long term disability is 120 days. We will review this with you to confirm how long it takes your group disability to kick in. 

 

How much will I receive?

 

In a lot of cases, group disability plans may only cover half of your income. How would a 50% decrease in pay impact your lifestyle?

 

What is the definition of total disability?

 

Most group insurance plans have a regular occupation definition for the first two years and an “any occupation” definition thereafter. This means that after two years, you will be forced to return to work if you can perform any job, despite not being able to perform the essential duties of your job.