Disability Insurance Summary

If you became sick or hurt and couldn’t work, how would you pay your bills? How would you maintain your living standard? If you’re like most people, your ability to get up each day and earn an income is one of your most valuable assets. Furthermore, your chances of becoming disabled at some time during your working career are probably higher than you would expect.

Canadian Disability insurance can replace a portion of your income when you are unable to work because of injury or illness. There are two major types of disability coverage:

Short-term disability provides an income for the early part of a disability. A policy may pay benefits for two weeks up to two years. Short-term disability insurance coverage is often included as part of an employee benefits package.

Long-term disability helps replace income for an extended period of time, usually ending after five years or when the disabled person turns 65. Some people have long-term disability insurance coverage provided by their employers; others purchase it individually.

Disability insurance

What is disability insurance?
Disability insurance can provide you with financial security by replacing a portion of your earnings if an accident or illness causes you to become unable to work or earn an income. Accidents and illnesses are a fact of life. They could occur at any time. Disability insurance provides income to help manage your expenses during the period you are unable to work.

Who is it for?
A disability can strike anyone regardless of their age, gender or occupation. In this sense, anyone who earns an income could benefit from the added protection provided by disability insurance. In particular, those looking to help protect their family and other loved ones from possible financial disruption associated with suddenly becoming unable to work due to illness or injury would be appropriate for this insurance.

How does it work?
If you are unable to work due to an illness or injury and thus are unable to earn an income, you will receive a monthly payment after a pre-determined waiting period has passed. You might already have disability insurance through your employer, but you should be aware that this coverage may not meet all your needs. Individual disability insurance can provide you with more flexibility and can also help protect more of your earnings.

How does it benefit you and your family?
Your financial commitments don’t just disappear if you are unable to work. Disability insurance works when you can’t, providing you with a monthly income to help cover your ongoing expenses such as mortgage payments and grocery bills.

Insure your paycheque
The ability to earn an income is one of your most valuable assets. Your ability to provide for yourself and your family could come under risk if you are unable to work. Disability insurance can help maintain your lifestyle until you are able to return to work.

Safeguard your retirement
If you are unable to earn an income for an extended period, it could affect your ability to save for retirement. You may even need to withdraw from these savings to make ends meet. Disability insurance replaces a percentage of your income, so you may avoid having to withdraw money from your savings while you are unable to work.

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Death Benefit: How to choose the amount for you.

Typically clients choose an amount that will pay off their mortgage and other debts to free up your survivors of these burdens. An additional $100,000 or more is then added to cover funeral expenses and children's education.  One last key criteria is to consider lost income, which our licensed life insurance agent can help you validate

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I went to one of Jaret’s “Life Insurance Uncorked” events where he spoke about the various types of coverages available. Highly recommended!

Tracy C.

You will not be sold a product you do not need when dealing with Jaret. He’s honest and upfront about everything he talks about. I decided on an Term 20 policy because it was right for me.

E. B.

Jaret explained to my wife and I the different types of Life Insurance available. After we talked, I feel very confident that my family is truly covered ‘just in case.’

Ryan H.

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