Disability insurance is something we should all have regardless of age. Why? Because your chance of becoming disabled is very high. In fact, people aged less than 65 are twice as likely to become long term disabled than they are to die due to illness or accident. Currently, 14 in 100 Canadians are classed as disabled – that’s a whopping 4.4 million people. Consider these statistics from Statistics Canada:
- 3 in 100 children up to 14 years of age become disabled
- 4 in 100 young adults between 15-24 become disabled
- 7 in 100 adults between 25-44 become disabled
- 17 in 100 adults between 45-64 become disabled
- 40 in 100 adults 65 and older become disabled
- 53 in 100 adults over 75 reported disability
A disability, whether temporary or permanent, almost always results in a loss of income. The longer the disability lasts, the worse it affects the disabled person. Disability insurance is intended to protect you from this loss of income; it can reduce its financial impact on your life.
Your ability to earn an income is a huge asset so protect it with disability insurance. The cost of disability insurance varies by company as well as the limitations, elimination periods, riders and premium caps. To get a quote on how affordable disability insurance can be, just contact Jacqui McFarlane.
Supplemental Disability Insurance
You may be lucky enough to have group disability insurance coverage. However, there can be many limitations in these plans. Supplemental disability insurance is intended to fill these gaps; it helps you pay for the items not covered by your group plan.