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Why Do Professionals Need to Consider Disability Insurance in Canada

What happens when you face an unwanted illness or accident? How to manage your family and finances at the time of chronic illness? Do you have any idea how to cover your financial obligations? If you want to ensure comfort for your family and financial stability, consider getting disability insurance in Canada.

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Why Do Professionals Need to Consider Disability Insurance in Canada

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  1. Why Do Professionals Need to Consider Disability Insurance in Canada?

  2. What happens when you face an unwanted illness or accident? How to manage your family and finances at the time of chronic illness? Do you have any idea how to cover your financial obligations? If you want to ensure comfort for your family and financial stability, consider getting disability insurance in Canada.

  3. Most people think that they will not experience any unwanted incidents that would prevent them from working. The statistics show that 1 in 8 Canadians faces disability issues at any given time! Who would handle your family’s financial needs if you have to take a long period of work off due to a chronic illness or injury? Getting disability insurance in Canada offers financial stability and protects your family if you take time off from your workplace due to disability. Here are some helpful points that justify the importance of getting disability insurance coverage. Employer’s Insurance is not sufficient Do you think the insurance provided by the employer can cover your financial needs? Most people assume having the right coverage with disability insurance provided by their employer. But you may not be aware of the limitations! Employer-sponsored disability insurance plans have coverage limits that cover work-related illnesses or injuries. Employer-sponsored insurance plans are active until you are working in the company. Once you leave the company or retire, you may not be eligible to get coverage under their disability insurance plan. It is a good idea to consider getting a disability insurance plan to fill the gaps in coverage and stay adequately protected.

  4. Risk of Disability It is hard for most people to think that disabilities are common! You may not know about the risk of disability. Staying away from the office or workplace due to a disability is unpredictable. It can happen at any time! Do you think most disabilities happen due to catastrophic events? Are you thinking disability insurance is only for facing job site accident that results in paralysis or limb amputation? It is a misconception! Statistics estimate that 1 in 5 working adults experience a disability lasting longer than 60 to 90 days before they take retirement. According to the World Health Organization (WHO), disabilities are more likely to be caused due to chronic conditions like cardiovascular disease, arthritis, cancer, and mental illness than by workplace accidents. So, be aware of the risk level and stay protected with a reliable disability insurance plan!

  5. Your Emergency Savings May Fall Short Do you think your emergency savings are enough to provide financial support during any unwanted incident? Your emergency saving may not be enough to cover your financial need at the time of long-term disability. Income is an essential asset for a working adult with a family and home to run. Getting disability insurance ensures fulfilling your family’s financial needs while you recover from a chronic illness or injury. If you are a working adult, think that your family is dependent on your income. You can consider getting a Canada disability insurance plan that suits your requirement with the guidance and advice of an insurance specialist- Gurinder Chahal. Contact us today at (587) 707-7000 to get more information about disability insurance in Canada that protects you and your family!

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