Why You Should Augment Employment Insurance (EI) with Life, Disability and Income Insurance
How much money do you have saved for an emergency? Unfortunately, many Canadians live paycheque to paycheque and would struggle to meet financial obligations if they missed even one payday. A disability or involuntary job loss could cause serious financial strain for many Canadian families because they simply don’t have the savings to support their day-to-day financial needs. Although there are government programs available to help, they aren’t always enough to cover necessary expenses.
Canada Pension Plan (CPP) Disability Benefit
To qualify for the CPP disability benefit, medical adjudicators use an application and supporting documents to determine whether you qualify for the program. If accepted, the benefit is calculated based on how much you contributed to your CPP; however, the fixed monthly amount is less than $500.1
Employment Insurance (EI)
Employment Insurance is available to people who have lost their job — through no fault of their own — and are unable to find another. While EI can provide some much-needed financial relief, it can be difficult to navigate the application process. Additionally, the benefit varies and is usually only 55% of your average weekly earnings, up to a maximum of $50,000 a year.2
Although there are government benefits available to help in the event of an unexpected job loss, the amount of government assistance you receive could be less than what you need to cover all your financial obligations while you look for a new job.
With Life, Disability and Income Insurance, financial security is within reach. For less than $20 a month, you’ll have access to up to $1,000 a month in case of job loss from disability or termination. Additionally, coverage is virtually guaranteed for everyone between the ages of 17 and 69 and you can upgrade to include life insurance coverage. All plans include Hudson’s Bay Rewards points. You’re eligible to receive up to 8,000 points upon enrollment and on your enrollment anniversary thereafter.3
Learn more about this product, offered exclusively through Hudson’s Bay Financial Services and
get guaranteed coverage in under three minutes.
Life, Disability and Income Insurance is underwritten by Canadian Premier Life Insurance Company. For more than 60 years, Canadian Premier has been committed to providing financial security to Canadians in the face of uncertainties and insures over one million individuals and families from coast to coast.
1 Government of Canada. “Canada Pension Plan Disability Benefit – How much could you receive.” Retrieved on July 18, 2018 from: https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-disability-benefit/benefit-amount.html.
2 Government of Canada. “EI Regular Benefits – How much you could receive.” Retrieved on July 18, 2018 from: https://www.canada.ca/en/services/benefits/ei/ei-regular-benefit/benefit-amount.html
3 Earn up to 8,000 Hudson’s Bay Rewards points when you purchase Life, Disability and Income Insurance and use a valid Canadian credit card to pay your monthly premiums.
Each Hudson’s Bay Rewards points offer is limited to one Hudson’s Bay Rewards account per household. Hudson’s Bay Rewards points will be issued within 30 days from issue of insurance.
This offer cannot be combined with other offers and may change without notice. Life, Disability and Income Insurance for Hudson’s Bay customers is arranged by Canadian Premier Life Insurance Company.
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