Disability Insurance
The need for quality disability coverage can never be underestimated. However, as a consumer you should know that all companies don’t have equal products or reputations. A properly designed plan can reduce costs while increasing performance and flexibility. Choosing the right representative is just as critical as choosing the insurance carrier.
Milestone Insurance know disability insurance and will ensure you have the knowledge you need to choose the company and product that is right for you, with the options you want and require. With over 20 years of experience and the trust of many of your colleagues, we will ensure your purchase is the right one for you at the lowest price available.
Our commitment is to represent your changing insurance requirements for as long as you need it, not just with your original purchase. No pressure, just good advice and trust you can count on.
Why Do You Need Disability Insurance?
You depend on your income.
But, an accident or illness can have a very dramatic effect on your life.
From a financial perspective, your most important asset is your ability to earn income. Without it, everything you’ve worked so hard to earn could begin to disappear.
This year, 1 in 7 Canadians are disabled. And while not all disabilities are permanent, a disability of more than 90 days will last an average of 3 years! (source: Stats Canada)
No matter how long your disability may last, you will be without a source of income unless you have good disability insurance coverage.
Without it, your entire world could begin to fade away in the split second it takes to become disabled.
Can you really afford to let that happen?
Types of Disability Insurance Plans
Personal Coverage
Designed to replace your personal income in the event of sickness or injury. This will be the most complicated insurance you ever buy as there can be many, many gray areas. The advice of an expert in this field is essential when obtaining this type of coverage. Personal insurance is paid to you in tax free dollars.
Office Overhead Coverage
Designed to pay all the fixed costs associated with your practice while you are disabled. This type of coverage is only necessary when you start a practice or if you enter an associateship where you are committed to pay part of the overhead. This insurance is tax deductible.
Retirement Protection
If you are contributing to an RRSP now (or plan to), then Retirement Protection is vital. When you’re disabled, you have no earned income, and if you have no earned income you can’t contribute to your RRSP. If you can’t contribute to your RRSP, what will you live on after age 65. This plan will make your contributions for you (up to $1,500 per month) while you are disabled in addition to providing your personal benefits.
Business Loan Coverage
Designed to make the payments on your business loans while you are disabled.
Partnership Plans
Should you enter a practice with more than one owner, you will likely have a partnership agreement identifying what is expected by all of the partners in the event of death, disability and retirement. A method of providing funds for these provisions is available.