Disability Insurance

Hi, my name is Sunshine Pawchuk, Certified Financial Planner from IG Wealth Management, and I want to help you understand the importance of disability insurance.

What is Disability Insurance?

Disability insurance protects your most valuable asset - your ability to earn income. It provides you with a monthly benefit if a disability prevents you from working.

Why is Disability Insurance Important?

Imagine a situation where a few sick days turn into months or even years off work due to a disability. How would you manage your bills? Savings can be depleted quickly, leaving you with financial strain.

While it's not a pleasant thought, disability insurance offers a safety net in this scenario. It ensures your financial security and well-being, allowing you to focus on recovery.

Things to Consider:

• Own Occupation vs. Any Occupation:
  Own Occupation: Provides benefits if you can't perform your specific job.
  Any Occupation: Provides benefits if you can't perform any job due to your disability.
• Inflation Protection:
  Choose a policy with inflation indexing to ensure your benefit amount keeps pace with rising costs.
• Coverage Amount:
  Select a benefit amount sufficient to cover your and your family's expenses for an extended period.
• Employer vs. Personal Coverage:
  Employer-provided coverage usually ends when you leave the company.
  Owning your own policy offers portability and can supplement existing employer coverage.