How will a partial disability affect you paying all your bills?

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1 in 7 Canadian have a disability and costs add up over time – Loss of income!

More than 1 in 7 will have a partial disability –

How will a partial disability affect paying all your bills?

Canadian workers not prepared to deal with financial impact of disabilities

More than half of Canadians believe they would experience financial difficulty if their pay was delayed by even one week

Yet, mental illness, cancer, cardiovascular diseases and musculoskeletal diseases such as arthritis cause more disabilities than accidents.  In fact, these diseases are 6 times more likely to be the cause of a disability.

Most Canadian workers would suffer severe financial hardship if they were forced out of work with a disability, according to a recent RBC Insurance survey. Three-in-four (76 per cent) believe that should they become disabled and unable to work for three months there would be serious financial implications for their family, such as significant debt or an impact on retirement plans.

Despite the concern, only about a quarter (27 per cent) of Canadian workers has discussed how a disability would financially impact their family. This number does not even increase substantially among workers who’ve indicated that they’ve taken time off in the past because of a partial disability (33 per cent).

Here are a few things Canadians should consider:

• Disability insurance is less expensive than you might think – generally costing between one and three per cent of your income
• Disability benefits would allow you and your family to maintain your income as though you were still able to work full-time. An online insurance needs calculator can help you assess your disability insurance needs.
• The best time to buy disability insurance is before an injury or illness occurs.

Let’s have a chat over a coffee about YOU and your Love for your family financial safety.

The post How will a partial disability affect you paying all your bills? first appeared on Insurance - Disability, Estate, Critical Illness, Travel, Life - Glenn Stewart.