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Posts from the ‘Disability Income Replacement’ Category


Workers unprepared for financial impact of disabilities

Most Canadian workers would suffer severe financial hardship if they were forced out of work with a disability.

In fact, 76% believe that should they become disabled and unable to work for three months, there would be serious financial implications for their family, such as significant debt or an impact on retirement plans, finds an RBC Insurance survey.

Despite the concern, only 27% have discussed how a disability would financially impact their family. This number does not increase substantially among workers who’ve indicated that they’ve taken time off in the past because of a disability (33%).

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Used with permission from Benefits Canada Magazine

Graduation is the Perfect Time to Consider Disability Insurance

As this year’s graduates cross the stage they’re filled with dreams of their bright futures.   Rightly so – they’ve worked hard to get to where they are.  They’re thinking of their careers, their earning potential and getting started on this business of life.

Now’s also the right time to think about protecting that income earning potential against injury or illness.  This is an excellent time for young professionals to consider disability insurance; here are just some of the reasons why:

  • Rates are low because they’re young and healthy
  • These rates are guaranteed for the duration of the plan on superior plans
  • Some carriers offer discounted rates to new grads.
  • Financial underwriting is a little more flexible since they don’t have a history of earnings.
  • Options are available to increase benefit amounts as their earnings increase.

For a graduate, starting out on a brilliant career, this is just another step in the process of establishing that bright future. If you consider their earning potential, doesn’t it make sense to insure it at the best rate possible?


Disability / Critical Illness Insurance

No one likes to think about the possibility of suffering a serious critical illness or becoming disabled, but if it were to happen to you, the consequences would be devastating for the financial security for you, your family and all of your futures. How would they cope? How would you pay your bills and clear your debts if a critical illness or disability happened to you now ? You would need critical illness cover. If you couldn’t work due to your illness, would you need to make alterations to your home? Would you need to hire in help? Would a serious critical illness prevent you from being able to pay the bank or building society for your loan or mortgage? If so, what would happen to the standard of life that you have worked so hard to achieve? You would lose it, critical illness cover is required as a safe guard.

Coping with a critical illness can be a financial hardship for both survivors and their families. What’s more, survivors often need to overcome challenges that go beyond maintaining financial stability—such as finding the best medical care, meeting day-to-day needs or managing fear and anxiety. Read more »