Thinking of disability or critical illness insurance? Everyone should. There are sobering statistics to support your decision.
- A typical 30-year-old has a four times greater chance of becoming disabled than he does of dying before age 65.
- 60% of Canadians will be disabled for three months or more before the age of 50
- 25% of Canadians will be unable to work due to illness or injury for 90 days or more before they reach age 65
- If a person’s disability or illness lasts longer than 90 days, its average length is nearly 6 years.
PROTECT YOUR INCOME. PROTECT YOUR LIFESTYLE.
We all plan for the expected. We should also plan for the unexpected. Disability and critical illness insurance protect and keep you in control of your future.
With this coverage you are protected from a loss of income. It can provide the funds you need to pay your mortgage, car payments, groceries, utilities, etc. It can also cover the increased expenses such as in-home care, medications and modifications to one’s home to accommodate a disability, and so forth.
Protecting your income and lifestyle comes with two basic coverage options:
- Long-term Disability
- Critical illness
Consider This
You buy auto insurance to protect an asset worth $40,000. You buy home insurance to protect an asset worth $1 million. You buy insurance to protect your beloved pet.
What about you? Shouldn’t you buy insurance to protect you? Your health and your income?
With these types of coverage, you get paid but just in different ways. For example, disability insurance provides you a monthly income if you are unable to work because of a serious injury or illness. Critical illness coverage typically pays you a tax-free lump sum payment if you are diagnosed with one of several illnesses covered by your policy.
Depending upon the policy you choose, critical Illness insurance can cover a range of illnesses, such as:
- Cancer
- Stroke
- Heart attack
- Heart bypass surgery
Some policies offer optional enhancements (up-to 20 or more) including protection for the following conditions:
- Multiple Sclerosis
- Parkinson’s Disease
- Paralysis/Paraplegia
- Major Organ Transplant
Already have disability insurance through your employer?
Excellent. So, why buy your own coverage? To protect your income should you lose your employment, as in most cases your employer’s disability coverage ceases.
I am already covered under WorkSafeBC.
True, workers’ compensation will cover you for disabilities that result from workplace incidents. But who has your back for other accidents and illness? Research suggests that overall, only 28.6% of injuries to working age adults were work related. Disability and critical illness insurance cover you 24/7.
Be assured that whatever your needs we can help structure a plan that you can rely on throughout your working years.
A Park Insurance Partner