4:00 am - Friday February 27, 2015

Your Ability to Work Is Ensured?

During his working life, a person has an opportunity to undergo a two disability of more than five months. Imagine for a moment that you can no longer work for six months … How would you replace your income?

Possible Solutions:

By tapping into your savings? (Do you have enough to offset six months salary?)

Counting on the income of your spouse? (Will it be enough?)

Cashing in your RRSPs?

Using your line of credit?

Borrowing from your family?

Remember that despite the loss of your income, you should continue to meet your financial obligations:

· Rentals or mortgage


· Electricity and heating

• Activities and family outings

• Studies on children

· Etc..

It is observed that people insure their cars, their homes and other valuables … but what about their greatest asset: their ability to work? In Canada, four in ten workers are not covered by disability insurance.

What is disability insurance?

Also known as “wage insurance”, it allows the insured become disabled due to illness or injury of touch, instead of his salary, monthly benefits for a certain period of time.

And group insurance in all this?

In the vast majority of cases, group insurance replaces only two-thirds of regular income. To fill this gap, there is insurance coverage designed to cover current expenses. This type of protection is very popular among people who already qualify for insurance because it allows them to better compensate for the decline in their income in case of disability.

An even greater risk for self-employed

A simple accident can endanger ordinary survival of the enterprise self-employed. Indeed, they often have no substitute when absent a few months because of an accident or illness.

Disability insurance is at the heart of sound financial planning for both self-employed than for any employee. In case of illness or accident, this type of protection you would:

-The loss of your income through the payment of monthly benefits;

-Maintain your lifestyle and your family;

-Protect your livelihood if you’re self-employed or own a business.


Filed in: Business, Finance

No comments yet.

Leave a Reply