Your most valuable asset is your ability to earn income. Protect your income in case of disability or illness.
If a long-term illness or disability prevented you from earning your regular income would you have the financial support you need to maintain your family’s lifestyle? If you’re self-employed, a contract worker or a retailer, the answer is probably no. In fact, thousands of Canadians have traditionally been unable to purchase the disability income protection they need, either because it’s too expensive, or they work in an industry that doesn’t qualify (such as construction).
I’m covered by WCB, I don’t need any more insurance. You are only covered at your workplace, not on the way to or from. WCB is limited and has restrictions.
I’m covered by my Group Benefits, I don’t need any more insurance. You can “top-up” your Disability Benefits so if you are disabled, you will have income coming in when you can’t work due to injury or illness. A Standalone plan you have even when you leave your current job.
Injury Only – Guaranteed Issue Plans… There is no underwriting needed, you automatically qualify. This plan is only dependent on your Annual Income and what you qualify for a monthly benefit.
Illness option… You can add illness coverage onto your injury only plan, this is underwritten, but you will have cost effective coverage in one plan.
Professional plans… There are also fully underwritten Disability plans that automatically include injury and illness coverage together.
Janet’s Blog