Disability Insurance: Why Do You Need It?
Although most people are familiar with life insurance, they may already have this type of coverage to provide for their families. In spite of this, many people aren’t aware of the financial distress they may face if they suffer an injury or illness that leaves them permanently or temporarily disabled.
Disability is More Prevalent Than You May Think
In the event that an injury or illness prevents you from working, how will you pay your living expenses such as mortgage, utilities, and groceries if you can’t work? It is very unfortunate that almost half of Canadian workers do not believe that they have the funds to cover their expenses if they are unable to work due to illness or injury.
Disability compensation is provided by the government through the Canadian Pension Plan (CPP), but you must contribute and meet strict eligibility requirements, making disability insurance in Calgary, Alberta an important consideration for long-term financial security. Employed Canadians contribute half, but the more than 33% of self-employed Canadians are required to contribute the full amount and self-fund their disability insurance. EDGE personal disability insurance gives you the protection you need – whether you’re self-employed or your employer provides you with benefits – without having to jump through hoops to receive your benefits.
Do You Know Self-Employment is on The Rise in Canada?
There are over 500,000 self-employed individuals requiring disability insurance on their own.
Disability coverage can insure against the loss of income due to injury or illness that prevents you from working by providing you with a monthly income replacement that can be used for anything you need-from paying medical bills to ensuring family is still able to make car payments.
How Disability Insurance Became a Lifeline
Scott Rider: A Life Changed, a Lifestyle Remains
Running was more than a passion for Scott Rider—it earned him a place in the Olympic trials and remained a meaningful part of his life as he and his high-school sweetheart, Kelly, built their family and raised three children.
When circumstances changed, one thing remained constant: the stability provided by the disability insurance he had secured, allowing Scott and his family to maintain their lifestyle with confidence. It’s something he received when he was just starting out in his career, and it’s grown as he earned more money. A significant portion of the income he once earned has now been replaced by disability insurance. In addition to staying at home to care for her children, it has enabled Kelly to work as a caregiver as well.
Disability Insurance Saves a Family—Twice
Valerie King, an emergency room physician, believed she would never need disability insurance until ulcerative colitis and multiple surgeries forced her to stop working. Her coverage became a vital financial lifeline, helping her support her three daughters as a single mother.
Later, her husband Tim reluctantly got disability insurance after her advice. When a serious heart condition left him unable to work, the insurance again protected their family financially—proving that unexpected events can happen to anyone and preparation is essential.
What you need to know about disability insurance?
ARTICLE SHARED FROM
If you had a life-changing accident or were diagnosed with a critical illness tomorrow, would you and your family be able to cope?
Ten years ago, Janet Freedman was rushing out the door of her home for work. Her arms loaded with tax returns, she missed a step on the stairs on her front porch and fell, hitting her head on the concrete. When her neighbours found her, she was barely conscious, with her head trapped between her own front steps and those of the house next door.
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