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Disability insurance provides you with financial security when an accident or illness causes you to be disabled and unable to work or earn an income.
Disability insurance replaces a portion of your income if you become unable, through injury or illness, to work. Policies differ on how soon you would collect benefits and for how long. They also vary in whether disability benefits are received if you can't perform the duties of your own occupation, a job in your field, or any job at all.
A life insurance benefit is usually payable in a lump-sum, and this payment ends the contract. Disability insurance benefits are almost always payable on a monthly basis, while disability continues. Upon recovery from a disability, the policy continues. Benefits could potentially be payable again for subsequent disabilities or for the recurrence of a prior disability.
Most people are unaware of the startling disability statistics. Often they have purchased life insurance to protect their families in the event of death.
In fact, the odds are far greater that a person will become disabled in a given year than that he or she will die. There is at least an eight times greater chance of suffering a disability of at least 90 days as compared to the chances of death (up to age 37). While death may be inevitable, disability is more probable at any given age.
It only takes a second ... to see the need for disability insurance.
- Accidents and illness are a part of life. They can happen to anyone at anytime.
- Your chance of becoming disabled for 90 days or longer, at least once before age 65, is 1 in 3.
- The average length of a disability that lasts over 90 days is 2.9 years.
- Can you afford to play these odds? If a disability struck tomorrow, would you be covered?
- Why gamble on your ability to earn an income, when you can help protect it with disability insurance.
Source: Great West Life
Source: Great West Life
C.J.Matthews & Associates Limited are associated with a number of companies who are notable in the Disability Income field; AIG Life of Canada, Manulife Financial, RBC Insurance, Standard Life & Great West Life.
For further information, please contact Allan Muise or John Simms.
Useful links for Disability Income information:
Disability Calculator; The cost of income replacement insurance
http://www.canadalife.com/canadian/en/life_health/individ/tools/disabilitycalc.html
Analyze Your Disability Insurance Needs.
http://www.gwl.ca/gw-home/english/disability/analyze.htm
Consumer Publications
http://www.clhia.ca/e3.htm#LIFE
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