Most people realize that they want to protect their family and family’s lifestyle with life insurance but what they may not realize is that under 65 you are at a least twice as likely to be long term disabiled then die due to an accident or illness.  How long could you or your family live without a paycheque?  Who would pay your bills and for how long?

Did you know that most group benefits packages only cover you for 2 years unless you are totally disabled and unable to do ANY gainful employment.

What people mostly imagine under ‘disability’ is the loss of mobility after a sudden accident related either to work or sport. But the statistic tells us quite a different story: people are twice as likely to be disabled due to a serious illness such as cancer, diabetes or heart disease than to an accident.

Your chances of becoming disabled

As already mentioned, people under 65 years of age are twice as likely to become long-term disabled than to die due to accident or illness. Of course the chances of becoming disabled gradually rises with age:

  • 3 in 100 children up to 14 years of age become disabled
  • 4 in 100 young adults between 15 to 24 become disabled
  • 7 in 100 adults between 25 to 44 become disabled
  • 17 in 100 adults between 45 to 64 become disabled
  • 40 in 100 adults 65 and over become disabled
  • 53 in 100 adults over 75 reported disability
    (Source: Statcan)

At the moment 14 in 100 Canadians (4.4 million) are classed as disabled.  How many of those 14 people wished they had disability insurance?  Did you know the average disability lasts 2.5 years?

What are the benefits of the disability insurance?

Different types of insurance were created to fit the various needs and situations one might encounter. Life insurance, for instance, is offered to provide a sufficient money coverage for those that are hit by the sudden loss not only emotionally, but also financially. On the other hand when a person becomes (totally) disabled, not only the person is not fit to maintain sufficient income for themselves and their family, but on the top of that the extra medical and other care for this person takes even more money out of their pocket, or the pocket of their family that has to provide the extra care for the once self-supporting. Therefore the disability insurance is often more important than the life insurance.

Insurance is all about managing risk.  Do you want to shoulder this risk directly or would you like a contract with a company for them to manage this risk for you?


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