This is not a recommendation, although RBC is a leader insurance provider. We will help you find the most product fits with your needs. insurance needs at the purchase time
Disability Insurance:
It helps protect you and your family from unexpected illness or injury, it provides protection if you are unable to work and earn an income. it provides a monthly benefit to help cover your expenses, ensuring you can maintain your standard of living during chalnging times. Given that your ability to earn an income is one of your most valuable assets, protecting it with disability insurance is essential.
Who Should Consider Disability Insurance?
Anyone who relies on their income to meet financial obligations should consider disability insurance. This includes employees, self-employed individuals, and business owners. According to Statistics Canada, about 22% of Canadians aged 15 and older have at least one disability1
Short-Term Disability Insurance: Provides benefits for a limited period, usually up to six months. It covers temporary disabilities that prevent you from working for a short duration.
Long-Term Disability Insurance: Kicks in after short-term benefits end and can provide coverage for several years or until retirement, depending on the policy.
Disability insurance is a vital component of a comprehensive financial plan. By understanding its definitions, who should consider it, how it works, and the different types available, you can make informed decisions to protect your financial future.