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Disability / Salary Insurance

Disability Salary InsuranceDisability or Salary Protection is an insurance that secures an income in the event of a disability that prevents you from going to work and earning a living. Everyone who works to earn an income and depends on this income to pay for their living and lifestyle expenses faces a serious financial risk. Most people don’t realize the risk until a disability occurs.


What is Your Most Valuable Asset?

  • Your Home?
  • Your Savings?
  • Notes, Insurance?
  • Cars, Boats, etc.?
"Your Most Valuable Asset is You...
          and your ability to earn income"

All of your assets depend upon your income. Without your income all of your other assets could be thrown out of balance.

What is Your Earning Power Worth?
Here’s how much you’ll earn until retirement assuming no pay raises.*

Current Monthly Salary
Age $2,000 $5,000 $8,000
25 960,000 2,400,000 3,840,000
30 840,000 2,100,000  3,360,000
35 720,000 1,800,000 2,880,000
40 600,000   1,500,000   2,400,000
45 480,000  1,200,000  1,920,000
50 360,000 900,000    1,440,000
55  240,000   600,000 960,000
*Assumes retirement at age 65.

Can You Afford To Be Disabled?
How long can you live without your current income? Let’s review the facts: 1 in 4 Canadians will be disabled during their lifetime.

Comparison of Risks
During any one year period you face these risks:

1 in 105 Canadians will die.
Do you carry life insurance?

1 in 1300 Canadian homes will catch fire.
Do you insure your home?

1 in 70 cars will be involved in an accident.
Do you have auto insurance?

1 in 8 Canadians will be disabled (Either temporarily or permanently)
Do you have disability coverage?

What is the chance of at least one disability lasting 90 days or more before you are age 65?

Age    Percentage
25 34%
30 32%
35 31%
40 29%
45 26%
50 22%
55 17%

When Disability Strikes...

Disability Salary Insurance Chart


After disability occurs, income is likely to decrease. However, your living and medical expenses are likely to increase. When you have used your savings and sold your assets you will be exposed to debt. Other sources of financial support must be available.

Where Will the Money Come From?

Savings...
If you save 10% of your income each year, a Disability will wipe out 10 years of savings in just one year...How long will your income last?

Borrow...
Your borrowing power is based on your income. Who’s going to lend money to a person who can’t work?

Spouse Works...
Can one person be spouse, parent, private nurse and employee – all at the same time?

Liquidate Assets...
Is there any guarantee that you can get fair market value for your assets if you are forced to liquidate?

Government Benefits...
EI/CPP/QPP/Workers’ Compensation

Group Insurance...
Do you have enough coverage? Do you have the right kind of coverage?

Disability Insurance Questionnaire
Answer “True” if you agree with the following statements or “False” if you disagree.

My investment income represents more than 50% of my total income. True False
My children will not need my financial help for their education. True False
I am prepared to sell my home in the event of financial difficulty. True False
If I were disabled, the government would take care of me. True False
I have no expensive hobbies. True False
I do not know anyone who has been disabled for a month or more. True False
My family would happily pay for all my living expenses if I could not. True False
My mortgage payment is less than 20% of my income.  True False
I could afford to take a two year vacation.                                                            True False
     
If you answered “False” to any of the above, you should be thinking about disability insurance!

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