What would happen to you financially if you became disabled?
Disability insurance is designed to protect your income. It is primarily intended for the self-employed and independent contract workers who cannot afford to miss extended periods of work and who are not covered by an employer’s group disability insurance policy.
Whether you are a sole owner or have a partner, the financial risks to your business and family are significant if you suffer a serious accident, injury or illness which prevents you from earning a living. Not only does your current income stop, future income also stops and, in most cases, many of the business and personal expenses continue to accumulate.
Provincial Workers Compensation insurance may pay a portion of your income but only a small percentage of disabilities are covered by Workers Compensation (illnesses or accidents occurring off the job do not qualify), and not all jobs are eligible for Workers Compensation coverage.
Some disability insurance policies will also cover business expenses like leases and loan payments. These riders can be added to your disability policy regardless of your income level. And some disability policies even allow you to add a rider that will continue to make contributions to your RRSP if you are disabled, which can be critical to your retirement and long-term financial planning.
Contact Us to speak with one of our Account Executives who is experienced in Disability Insurance.