Disability insurance coverage helps protect your most valuable asset – your ability to earn income – by providing you with an ongoing monthly income if you ever suffered a disability that left you unable to work and earn a living.
Why is it important?
Let’s say you didn’t have disability coverage, and a few sick days eventually turned into weeks, months or years off of work. How would you pay your bills? Would you dip into your savings? What happens when that’s gone and your next mortgage payment is coming up. What do you do?
While it’s definitely an unpleasant situation to think about, that’s exactly why you should consider including disability insurance to your financial plan.
Things to keep in mind
- Some policies will provide coverage if you’re unable to do only your own job, while others will provide coverage if you’re unable to do any job.
- Your coverage should be indexed to keep up with inflation, otherwise your purchasing power will gradually decrease.
- The amount of coverage you choose should be enough to cover all of you and your family’s needs for an extended period of time.
- Any disability coverage you have through your employer will end if you change jobs, so owning your own policy gives you greater flexibility – plus it can top up existing employer coverage.
Insurance products and services distributed through I.G. Insurance Services Inc. (in Québec, a Financial Services Firm). Insurance license sponsored by The Great-West Life Assurance Company (outside of Québec).