Disability Insurance
Disability insurance replaces a portion of your monthly income if you are injured or ill and cannot work for an extended period of time.
This coverage is arguably the single most important insurance you can have. Why?
People under 65 years of age are twice as likely to become disabled long-term, than to die due to accident or illness.
Approximately 48% of all foreclosures are due to a disability!!!!
Your chances of becoming disabled
- 3 in 100 children up to 14 years of age become disabled
- 4 in 100 young adults between 15 to 24 become disabled
- 7 in 100 adults between 25 to 44 become disabled
- 17 in 100 adults between 45 to 64 become disabled
- 40 in 100 adults 65 and over become disabled
- 53 in 100 adults over 75 reported disability
(Source: Statcan)
In 2006, 4.4 million Canadians living in households reported having an activity limitation, yielding a disability rate of 14.3%.
So the statistics tell the story. 24 out of 100 people between ages 25 & 64 will face a disability period in their working lives... Nearly 1 in 4 !! The CPP Disability maximum payout for 2011 is $1,153.37 per month. The average payout is $822.32. (Source: Service Canada) This of course assumes that you qualify for disability.
Are you and your family properly protected?
