There are 4 fundamental reasons why Canadians should have income protection.
Benefits:
- Acts as a safeguard for your accumulated assets.
- Provides enough income to maintain your current standard of
living without incurring any new debts.
- Reduces your worry and any mental strains that may develop regarding
your financial future.
- It will hasten your recovery from a disability or illness as you will have the peace of mind of knowing you have a guaranteed income.
The disability plan you adopt should be one that is suited to your personal needs and obligations. It can be provided by your company group plan or a personal plan.
An individual's most valuable financial asset is not their present savings account but their future earning ability.
| Age |
Male $3,000 Monthly |
Female $3,000 Monthly |
|---|---|---|
| 30 | $57.51 | $92.02 |
| 40 | $90.48 | $128.84 |
| 50 | $15.71 | $168.72 |
* The average office manager, 90 day waiting period paid to age 65
