Life, Disability, and Health Insurance for Professionals and Business Owners

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Posted: 21 Nov '14

Individual Disability Insurance - Secure your life style

You may be spending a lot of money on insurance plans to protect your car(s) and home, but have you thought about protecting your income in the event you’re unable to work? Individual disability insurance provides a source of income if you become injured or too ill to work. 

The Canadian Life and Health Insurance Association estimates that one in three workers will be disabled for at least 90 days at least once before age 65. If you become disabled or too sick to work, do you know how you’ll continue to support yourself, your family, and your business?

Income Protection 

Your income is the foundation of your financial plan. It is also your most valuable asset. Individual disability insurance helps you maintain your lifestyle protect your family if you become too hurt or sick to work. With individual disability income, you receive monthly benefit to help replace part or all of your income while you are unable to work. How you use your monthly benefit payment is up to you; you can use it to maintain your current lifestyle, or contribute it to future savings. The amount of disability insurance that you can qualify for depends on several factors, including:

  • Your current income
  • Your occupation
  • Existing disability coverage

Disability insurance has exclusions and limitations. For more advice about whether you qualify, contact your financial advisor.

Protection for Business Owners

As a business owner, a disability or illness doesn’t just affect your personal income, it affects the business as a whole. If you or one of your key staff members suddenly becomes too sick or hurt to work, you could be faced with several challenges:

  • Keeping a roof over the business
  • Keeping the business operating
  • Protecting your business investment

Individual disability insurance helps you keep your business open while you recover from a serious illness or injury. With disability insurance, you can keep running your business and maintaining goodwill with customers, creditors, and vendors. Your business retains its value, and you are reimbursed every month you’re unable to work to help with the costs associated in operating your business. 

With plans available for part-time, full-time, and home-based workers, disability coverage is the ideal solution for professionals, business owners, executives, and other contracted individuals. An individual disability plan will help you meet your income obligations so you can concentrate on getting well.


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.