Imagine you woke up today and could no longer go to work – Would you be able to pay your bills? What if you are diagnosed with cancer and must travel for treatments? Could you afford to lose your income and pay for healthcare expenses?
For most Canadians, the answer is no. A survey conducted by RBC found that 50% of Canadians could not afford to take time off work if needed. Luckily, there is a solution available.
Disability insurance is designed to help you and your family cope financially in the event that you become disabled and are unable to work. The purpose of this type of insurance is to protect your earning potential, therefore protecting your savings and lifestyle. Not all disability policies are created equal and it’s important to understand the differences between group and individual disability policies.