Canadians work hard every day to provide for their families and afford necessities like their homes, cars, and properties. While most of us intend to work until retirement, at times unexpected and unforeseen injuries and ailments may impair our ability to work. In the event of a situation–a physical disability, mental illness, chronic pain, or other life-altering conditions–that may hinder your ability to work, protect your income with life, disability, and income insurance. Here’s why and how.
The Likelihood of Experiencing Disability
According to Statistics Canada, over one-fifth of Canadians–22% of Canadians over the age of fifteen–will experience a disability throughout their lifetime. When most people consider a disability, they think of big accidents and large-scale physical events like paralysis from a car accident or a stroke or heart attack that leaves a person very unwell. While these examples certainly count as disabilities, issues like chronic pain, depression, pregnancy, and gastrointestinal issues all fall under this same umbrella and are far more likely to be experienced by the average person.
The Impact of Lost Income
Many Canadians wonder how to protect their income and the lifestyle they’ve worked very hard to afford in the event of an accident, condition, illness or disability. As many Canadian households are two-income–relying on both individuals to stay financially afloat–the impact of lost income can be detrimental to their lifestyle. Having a plan when in case the unthinkable happens is not only comforting but necessary; ask yourself, as of right now, what would you do if your ability to work and provide was hindered? Would you be prepared for the temporary or prolonged loss of finances?
The Importance of Disability Insurance
If you’re wondering how you can protect your income in case you are or become one of over 6 million Canadians who experience a disability in their lifetime, you should choose to invest in a Life, Disability, and Income Insurance plan as it offers three separate products in one convenient solution that can help you meet your financial obligations while dealing with an involuntary job loss, disability or accident, or loss of life.
- Term Life Insurance
- Disability Insurance
- Income insurance
We help families with unexpected job loss by providing a non-taxable monthly benefit. You receive payments directly and decide how best to use benefits — from mortgage or car payments to school tuition or utility bills and more.
Plans start as low as $14.99 a month, Guaranteed Acceptance for everyone aged 18 – 69, your premiums don’t increase with age, and you can earn up to 4,000 Hudson’s Bay Rewards points when you sign up and every year on renewal.1
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 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.