Disability

What would happen if you could not work due to an accident or an illness? Do you have the proper amount of disability insurance?

Manulife Financial's Disability Insurance Needs Calculator

Many people protect their family with life insurance but fail to properly assess the need for disability insurance as it “won’t happen to me”. “The fact is, a 20 year old male is about 3 times more likely to become disabled for 3 months or more than to die before age 65”, according to Chuck Midgette, the author of What Every Canadian Should Know about Family Finance. “For a 35 year old woman, the odds are seven to one.”

In 2001, almost two million working age Canadians reported having a disability and about 45 per cent of these people were in the labor force.
Source: Statistics Canada - Perspectives on Labor and Income, February 2006 - www.statscan.ca

Some things to consider within your disability policy :

  1. Do I own the policy or does my employer own the policy?
  2. What is the definition of disability within the contract?
  3. How long do the benefits provide an income?
  4. Is the income tax free?
  5. Does the policy provide for partial disability?
  6. Would my income be indexed to inflation?

 

Insurance products and services are offered by Michael Farrell, 
a licensed life insurance agent