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Posted: 31 Jul '18

3 Reasons Professionals Need to Consider Disability Insurance

Have you ever thought about how you'll cover your financial obligations if you have to take an extended period of time off of work due to an accident or a chronic illness? Despite statistics showing that 1 in 7 Canadians is disabled at any given time, most people think they'll never experience an illness or injury that will prevent them from working. Disability insurance Edmonton can help protect you and your family if you're unable to work due to disability. Here are three reasons why every professional needs to consider disability insurance Edmonton.

1. Insurance Provided by an Employer May Not Be Enough

Many people assume they have sufficient disability insurance Edmonton through their employer, but many employer-sponsored disability plans have a coverage limit and only cover work-related injuries or illnesses. Furthermore, employer-paid disability insurance Edmonton plans typically only provide coverage while you are with the company. If you leave the company or retire, you cease to be covered under the plan. Even if you have an employer-provided disability insurance, purchasing a supplemental disability insurance plan is a good way to fill in any gaps in coverage and ensure you're adequately protected.

2. Disabilities are More Common Than You May Think

Most Canadians don't think they are at risk of disability, but the but the chance of having to take time off due to a disability is higher than you might think. In fact, Statistics Canada estimates that 1 in 3 working adults will experience a disability lasting longer than 90 days before they retire. There is a misconception that most disabilities are the result of one-time catastrophic events that could have been prevented -- such as a fall at work that leads to paralysis or a work-site accident on the job that results in the amputation of a limb. According to the World Health Organization, however, disabilities are six times more likely to be caused by chronic conditions like arthritis, cardiovascular disease, cancer, and mental illness than by accidents.

3. Emergency Savings Are Not Enough

Most Canadians aren't financially prepared to cover living expenses and health care costs throughout a long-term disability which, on average, lasts approximately 30 months. As a working adult with a home and family, your income is your most important asset. Purchasing disability insurance Edmonton will ensure that the mortgage continues to get paid and the lights stay on while you're recovering from a chronic condition.

If you're a working adult with an income that others depend on, you need disability coverage. Contact us for more information about how disability insurance can help protect your family.


About the Author - David Motkoski

David Motkoski—At the Helm of Vistaplan Financial Group

The team at Vistaplan is led by David Motkoski, a well-respected insurance adviser to hundreds of business and individual clients. David has 30+ years of experience in this industry helping clients understand their life and disability insurance, office overhead, critical illness, long term care, and accident insurance. David’s focus has been medical doctors, dentists and business owners who are concerned with having the right coverage to provide for their family or business and protecting their income

David is an independent broker offering policies with Manulife, ivari and RBC to name a few. Vistaplan Financial Group has clients dating back to 1983 and they stay loyal with David because of the strong relationships he builds.