A common misconception among Canadians is that they should either put money into a savings account or purchase supplemental insurance. However, the best course of action is to steadily grow a savings account while ensuring you have the proper insurance coverage to financially support you and your loved ones should the unexpected occur.
The household debt for Canadians is about 170 percent of disposable income, meaning the average person owes approximately $1.70 for every dollar they earn.1 Many people have to make monthly debt repayments, and losing a job — or even missing one paycheque — can create significant financial strain.
It can take years to build up a savings account, but it can be drained quickly if that’s the only source of income during unemployment. Any dreams of a home purchase or a retirement plan can also be affected by dipping into savings early.
For less than $20 a month, you can protect you and your family with Life, Disability and Income Insurance through Hudson’s Bay Financial Services. This unique product combines three distinct insurance products into one comprehensive insurance solution that pays a monthly benefit in the event of disability or involuntary job loss. You also have the option to add up to $20,000 in life insurance coverage and earn up to 8,000 Hudson’s Bay Rewards points.2
It’s important to grow a savings account for a purchase like a home or for retirement planning, but you should also ensure that you’re adequately covered with the proper insurance to pay expenses and debts in case of involuntary job loss.
For more than six decades, Canadian Premier Life Insurance Company has been committed to providing financial security for Canadians who are facing uncertainties. They now insure more than 1 million Canadians from coast to coast.
1 Bank of Canada. “Canada’s Economy and Household Debt: How Big Is the Problem?” Retrieved November 27, 2018, from https://www.bankofcanada.ca/2018/05/canada-economy-household-debt-how-big-the-problem.
2 Each Hudson’s Bay Rewards points offer is limited to one Rewards account per household. Rewards points will be issued within four to six weeks.