If you depend on your paycheque to pay the bills, you need something to fall back on if something unexpected happens. That’s why disability insurance is a basic building block of a good financial plan.
Disability insurance is designed for when you are not able to earn an income due to illness or injury. You’ll receive up to 65% of your pre-tax salary each month right up until age 65 in most cases. In other words, it’ll be like your pay cheque never stopped.
“We recommend disability insurance to make sure that when you are unable to earn an income, you can still pay your mortgage or rent, still put food on the table, without touching any of your savings.” –Scott Loney, Head of Insurance at Planswell.
If you’re currently working and earning an income then disability insurance should be on your radar. Consider the following situations:
Did you know that roughly 1 in 3 people will become disable for at least 90 days during their working tenure? For many people, having disability insurance in place is even more important for their financial security than saving and investing, because you just never know when something could go wrong. The sooner you apply, the easier and less expensive your coverage is likely to be.
While it’s easy to call up any insurance agent and accept the first quote you receive, you’ll want to go somewhere that shops the market to find you the right price from the right insurer. Planswell can help with that. We work with a variety of industry-leading providers and will research the best policy to protect you.