Working Professionals: How Disability Insurance Insures What Matters Most

You’ve heard it before, but maybe you’ve never really believed that Disability Insurance holds much value for you and your family. Ask yourself, “If you had a machine in your home that could print $60,000 a year in REAL MONEY, would you spend a $600/year to insure it in the event that it broke? If you're like most people the answer would be a resounding "Yes!"

Well guess what... You are that machine! You make the money. I’m sure you’re better looking, and likely funnier, but your income is your primary source of wealth, and being insured could protect your future.

David Brown, from his years of first-hand experience as a financial advisor shares on Advisor.ca why Disability Insurance matters. You never think you will be the one in six Canadians to find yourself unable to work for three or more months, but the statistic is too high to ignore. Group insurance may include some provision for Disability, but it might not be sufficiently tailored to your needs.  David shares a great case study of a man named Jack, a health CEO whose Disability Insurance saved his business many years after obtaining coverage.

Photo credit: accuquote

At Luke 1428, financial blogger Brian stresses the importance of protecting our most important source for generating wealth; our income. With Disability Insurance, we often try to dissect if we really need it, and if you review your Group Insurance coverage you may find that an individually-owned Disability Insurance policy really is needed. Maybe you need long-term coverage but your employer only offers short-term. If your group plan is insufficient, individual policies can be obtained to top up group plans to ensure you are protected. Do not depend on worker’s compensation or the excuse that you’re too young or too healthy to need Disability Insurance.

If you’re trying to decide how to move forwarded with Disability Insurance, follow these expert suggestions to act today.

1)      Review Group Plan – Does your current employer have Group Disability Insurance? Review your current plan carefully at home or with an advisor to determine if it fills all of your needs.

2)      Embrace Healthy Lifestyle – Some behaviors make a debilitating disability more likely to occur. Review your lifestyle and ensure that you are avoiding risky habits or activities.

3)      Be Honest with Yourself – We love to rationalize; but take time to read the statistics and don’t rationalize away today something that could save your future finances later.

Disability Insurance can be something that we put off with rationalizations, but just remember,  you are the machine, and your future wealth is determined significantly by your income. If you have any questions after reading these experts’ advice, contact an advisor today for a no-obligation meeting to discover what the next step in your financial future should be.

Lifeplan Financial is a locally owned Managing General Agency (MGA) in Victoria and we work hard to give advisors the tools they need to succeed across all of British Columbia.  We give our advisors the independence they need with the support they deserve. “Because Your Success… is Our Success.”