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Disability Insurance also known as Income Replacement Plan

What is Disability Insurance and who is that designed for?

Disability Insurance is a type of insurance policy that provides a regular monthly income in the event you are unable to work due to an injury or illness. In a nutshell, it is an income replacement plan. It generally pays up to 70% of your pre-disability income. For instance, if your regular income is $5000 a month, you get $3500 a month which is 70% of your pre-disability income. This type of coverage is crucial for self employed individuals and people who do not have disability insurance through their employer.

Here are some of the questions you have to ask yourself: 

 Do you need disability insurance or do you have one already? If you do, is it enough?
 If you're unable to work tomorrow due to an accident or injury, how would you support your family?
 How would do you pay your next mortgage or rent?
 What would happen to your business? Would you be forced to sell to support your family?
 ​Car payments and credit card loans
 Medical and dental bills
 Funds for your children's education
 Money for retirement plans etc...

Here are potential sources of income if unable to work due to an accident or injury

 Government benefits - such as CPP, EI & Worker's Comp.Can you count on them? 
 Savings & Investments - stocks and bonds, RRSP's long will they last you?
 Sale of assets such as your home - would you get a fair market value for your assets?
 Borrowing - no income coming in. Who would spare the money?
 Current Disability Insurance - if you have a benefit at work, do you have adequate coverage? Or if you switch      employer, what happens to your benefit?

Your answer to all these questions is to consider an Individual disability insurance: a personalized disability insurance coverage that can be tailored to your unique needs. 

Please let us help you answer all your questions and concerns. We can help you choose and design a plan that your family needs and can afford.

Call us at 416-546-1167 or toll free at 1-800-656-1876 or email us at: 

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