Insuring Your Most Significant Asset: Your Income

Updated: Jun 30

Over 6.2 million Canadians have a disability that limits their daily activities. The reduction in income that often accompanies a serious illness or injury can derail retirement and seriously impact your standard of living. Understanding your risk – and what to do about mitigating that risk – is important. Click on the link below to book a meeting to discuss your situation.

If you were in an accident or became disabled as a result of an illness, what would change? Our plans seldom reflect a significant reduction in income, yet many of us are under-insured.


Steps to protecting you, your lifestyle, and your family:

1) Know your risk: Manulife has launched a handy calculator to understand the relative risks of various life events. You can calculate your risk here. If you don't want to calculate the risk, know that at age 35, there is a 50% probability that you will be diagnosed with a disability that lasts 90 days or longer.


2) Understand your current situation: group or association plan coverage should be reviewed carefully; plan maximums, non-evidence maximums, and definitions of disability should be considered.


3) Grasp your monthly budget: Being honest about what expenses you would want and need to cover in the event that you were unable to work. This expense calculator from Industrial Alliance is a super handy tool to help gather this information.


Let's put the cost of disability insurance in perspective:

Asset

Asset Value

Insurance Cost

Car

$35,000

$1,200

House

$400,000

$1,000

Income

$3,000,000

1 - 3% of your income


We’d love to customize a plan for you!