What’s your most valuable asset?
You may think that your home, car or investment account is the most valuable thing you own. But we believe that your most valuable asset is your ability to make a living. Without it, you wouldn’t be able to enjoy all the things that make your lifestyle possible.
Can you put a price on this?
The charts below measures your earning potential over time
WHAT ARE THE ODDS?
Naturally, we all like to assume that nothing serious will ever happen to us, or interfere with our most valuable asset: the ability to earn a living. But the fact is that things can happen to anyone, and the statistics tell the real story:
- A 35-year-old has a 50% chance of a disability lasting 90 days or longer.
- 1 in 4 Canadians will contract heart disease.
- Of those diagnosed with heart disease, 1 in 2 are under the age of 65.
Above are the chances, at different ages, of incurring a 90-day or greater total disability prior to
WHAT ARE THE TIME FRAMES?
If your disability lasts longer than 90 days, the average length will be longer than you think.
Imagine the ramifications of being disabled and without earnings for more than three years. No matter how successful your career may be at that point, your living expenses and other financial obligations might quickly exhaust your savings and jeopardize the very assets you worked so hard to build.
WHAT ARE YOU PROTECTING?
You may have several insurance policies, and each one protects something different: your life, home, car or valuables. But none of these would help if you become disabled.
Disability insurance is designed to provide income if you sustain a serious illness or injury. It allows you and your family to maintain your lifestyle during a difficult period.
How likely are you to suffer a long-term disability that lasts more than 90 days? Surprisingly, the statistics show that you’re more likely to become disabled than to die prematurely.
How would you replace lost income?
Group coverage?
- Even if you have group benefits, they may not be adequate over the long term. Many group plans may only replace about half of your net income.
- Would that be enough?
Your savings?
- You could save 5% of your income every year for 10 years. But those savings could quickly become depleted after only one year of having a disability.
- What would you do after that?
Spouse or family?
- Would one income be enough to cover the expenses previously covered by two wage earners?
- Could your spouse (or supporting family member) continue to earn as much money while juggling the responsibilities of their job, running a home and caring for you?
Borrowing?
- Getting a loan isn’t always easy or possible.
- Would you qualify? How and when could you repay a loan?
