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Disabiltiy Insurance-The ability to protect your income.
The 80/20/80 Rule:
– 80% of policies will never pay,
– 20% will pay. Out of this 20%
- 80% pay but NOT as applied for
We develop policies that deliver the final 20% that pay as applied for.
What if you could not maintain your standard of living or meet your contractual business payments, what would you do? Can you afford to be without an INCOME.
Most people insure their automobiles, homes, jewelry, business but forget what fuels these expenses, YOUR INCOME. Add up your expenses today and the means you have today to finance these expenses in the event of a disability.
With the maximum of 75% of your net taxable earnings being insurable as well as more and more people being self employed with home based businesses, it certainly pays to look at this as an important part of your financial portfolio. In fact there are more chances of you becoming disabled than dying a pre-mature death.
Average Lengths of Disability
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30-90 day
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Common Injuries Sprains, Strains, Fractures
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90-180 days
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Major Injuries and Illnesses
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180 day-547 days
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Major Injuries and Illnesses sustained from the initial event
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547 day-Age 65
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Long Term Disability
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Only 5% of the population actually have 6 months of their income saved to protect themselves in the event of a disability. Leaving 95% exposed to re-financing their homes, depleting their retirement savings, utilizing any type of savings to survive. Why give away everything you have worked for when it will only cost your dollars a day to protect it.
The Key to Disability Insurance-Definitions
The success to buying a good quality disability program is the definitions within the contract. Make sure your advisor specializes in this market or his or her agency offers a specialist in this market. The definitions are very relevant at claim time. Find out more by reading a case study on the importance of unlimited rehabilitation within your disability contract. DISABILITY PAYOUT.
(Find out more on UNLIMITED Rehabilitation below).
Key Definitons within a Disability Contract
Total DisabiltyRegular, Reasonable, Own and Any Occupation Defintions. The best definitions are always regular and own definition.
Partial Disability
many contract only offer a minimum amount of partial disability as high as 3 months. Other contract offer NO partial disability and require you to purchase a rider offering up to 24 months of Partial Disability as your Living Benefit Specialist to guide you based on your occupation how important this benefit is to you.
Long Term DisabilitySome contracts will deem you permanently disabled within a 60 month assessment period while others will have an ongoing medical assessment requirement costing you each time to go to your family physician to complete a medical questionairre and status of your health. Ask your Living Benefits Specialist to guide you and determine if this is an important aspect to you as the consumer.
Unlimited Rehabilitation
A silent and critical part of a Long Term Disability benefit. Many people over look this part since of course they do not plan on becoming permanently disability. Be sure to choose a plan with unlimited Rehabilitation to protect you and your family from unforeseen expense and an unpleasant return to work.
There are many other features of a Disability Insurance Contract that may be important to you no matter what occupation you are in whether you are a Doctor, Lawyer, Accountant, Business Owner etc. Every Business Owner has its unique income needs ask your Living Benefits Specialist about protecting your Future Earnings, Increasing your Benefit with Inflation and a plan that may protect your RRSP Savings.
See our Frequently Asked Questions for Small Business Owners for more help on definitions.
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