What is disability insurance?
A disability - whether it’s sudden or because of a degenerative condition-can rob you of your ability to earn a living. Disability insurance is a type of coverage that gives you protection against the chance of losing income if you become disabled and you are not able to pay your expenses.
Why should you purchase disability insurance?
Most people recognize the need for life insurance, but many do not understand the need for disability insurance. The fact is, when you are disabled because of an illness or injury, your income stops - but your bills don’t.
Did you know that:
1 in 3 people, on average, will be disabled for 90 days or more at least once before they reach age 65? A disability can last for months or even years? And 95% of disabling accidents and illness are not work related, so Workers Compensation does not cover them.
Consider these situations:
- A person spends months recuperating from a car accident.
- A carpenter breaks an arm while skiing and can’t work for eight weeks.
- An overworked doctor must “take it easy” after a heart attack.
- Chemotherapy saps the energy of a busy store manager.
- A stroke affects a computer programmer’s ability to reason with numbers.
- An individual has been diagnosed with major depressive disorder following a traumatic event.
- YOU ARE OUT ENJOYING YOUR SEA TO SKY LIFESTYLE AND YOU FALL OFF YOUR BIKE, OR A CLIFF, OR A MOUNTAIN, OR A PADDLE BOARD, OR...YOU GET THE PICTURE ;)
If you’re like most Canadians, your savings would not maintain your standard of living for very long. And even though the federal government provides disability benefits through the Canada Pension Plan (CPP), the average payment is just under $800.00 a month. That’s probably not enough to live on, especially if you have dependents. Consequently, an illness or injury could cause a catastrophic financial impact on your life, in addition to the emotional and physical effects you may suffer.
The Chambers of Commerce Group Insurance Plan offers a Long Term Disability (LTD) benefit that provides 24 hour coverage for you and your employees. An income is paid to employees who face lengthy absences from work due to an injury or illness.