Insurance for your paycheque

[Audio] We are going to represent insurance for paycheque which helps to protect your most valuable asset with disability insurance.

[Audio] Are you protecting your most valuable asset? What would you say if someone asked you, "What's your most valuable asset?" It might be your home, or maybe even your car. But have you considered that it might be your ability to earn a living? Over your lifetime, that's worth far more than your house or car. While it's very likely you have insurance to protect both your home and car, do you have anything to cover your income if the unexpected strikes? Let's look at how disability insurance can help protect your paycheque. Average price of a new vehicle in Canada is $ 33,464 and Average value of a Canadian home is almost $498,943 Average earnings over a 30-year career is $2,466,037.

[Audio] Next topic is, How much will you earn in your lifetime? let's get some knowledge abut it. So, for this Consider your earnings between now and age 65 based on your current income and age. We divide it into six section in at three different stages of your life regading income in age of 30,40 and 50. Over a 30- or 40-year career, your accumulated income is likely to be far more valuable than any other asset you'll own..

[Audio] Here are Disabilities are a fact of life. Firstly, 1 in 3 the odds you'll become disabled for 90 days or more before age 65. secondly, Three quarters of our claims are for musculoskeletal injuries like fractures, dislocations and sprains and nervous disorders like depression and anxiety. In the last, 5.75 years the average length of a disability, if it lasts longer than 90 days. Lets talk about expenses. Could you cover day-to-day expenses if you became disabled? Here is the pie chart which represent cover expenses in our day-to-day life..

[Audio] But these day-to-day expenses aren't the only ones you may face. You might also have added costs like medication, home modifications or childcare. It could be difficult to maintain your lifestyle for a long time if you couldn't work because of an illness or injury. There are options available – but are they realistic? Your spouse If your spouse needs to reduce time at work or give up their job to take care of you, it could be difficult to maintain your lifestyle on a reduced income Vor no income at allW. RRSP and savings You could withdraw from your RRSP or investment savings (if you have them). However, you'd have to pay taxes to do so, and it could mean you won't have enough money for your retirement. Or you may have to delay retirement. Loans and credit If you really need cash to pay the bills, these are a short-term option. However, it's likely they'll leave you further in debt. Plus, it can be a challenge to get a loan normally; getting one when you can't work might be impossible. Government There are a couple of options here, but each have limits: Canada Pension Plan or Quebec Pension Plan: You must have a severe and prolonged disability that stops you from working any job. Employment Insurance: Offers limited benefits Workers' Compensation: Only covers on-the-job disabilities Sell your assets Would you be willing to quickly sell assets to meet your needs? What impact will the sale of these assets have on your lifestyle? Employer coverage Disability insurance coverage through your workplace could help, but it may not provide enough coverage. Plus, if you switch jobs, your coverage almost certainly won't come with you..

[Audio] Now put some lights on hoe can you Protect your paycheque? So , the answer is that "Disability insurance works when you can't. If an illness or accident keeps you from working, disability insurance can give you a monthly income to help pay for ongoing expenses. It replaces a percentage of your earnings over the short or long term..

[Audio] The next topic is How much of your income do you need to get by? It include Total monthly expenses, Current monthly disability coverage, and Your income gap. The following chart shows the maximum amount you could receive tax-free each month if you faced a disability. This chart showing monthly benefit with monthly insurable..

[Audio] For more information about how disability insurance may t your needs, talk to your advisor today..