Since our jobs are safe, then you don’t have any risks to become disability. This is a totally wrong perception. Chances are 95% of accidents and incidents happened out of workplace. There aren’t many ways to protect your income if you become disabled. We can take a look at these possible options:
- Savings account: it will take a long time to build up a significant amount, but it will take a short time to use it up if you have to live off it.
- Loans: borrowing isn’t always easy, yet you don’t know when are you able to go back to work to pay back the loans. Don’t get deeper into your debts while you are not be able to earn an income.
- Other household source of income: most of the time, people choose to depend on their spouse income. It also means you have to cut off other expenses and it just happens to place more burdens on your spouse’s shoulders.
- Group’s benefits: for those who are self-employed, you don’t even need to consider this option. How about workers and employees? Your employer may have this coverage for you. However, it may not be enough for your income if you’re highly compensated. Generally, the group plan only cover up to $2,500 and short-term compensation.
- Individual disability insurance: a sensible option that absolutely give you control and peace-of-mind and comprehensive protection for your income.
You may be one of millions of working Canadian with little or none-income protection. This is an important investment plan to consider because it can replace to your income if unexpected things happen to take you out of the workforce. This protection is the best way to ensure that your expenses will be met without depleting your savings or financial security.