Introduction
Most people rarely consider the possibility that their good health could suddenly come to an end. But, did you know that there is a very real possibility that an injury or illness will prevent you from earning an income at some point during your working years?
In fact:
• the odds of suffering a disability rather than dying before retirement are three-to-one
• if you are age 40, there is a 41 per cent chance that you will be disabled for at least 90 days prior to age 65 and the average duration of disability is two years
• a disability is up to 16 times more likely than death to cause a mortgage foreclosure
• one year of disability could wipe out 10 years of savings (based on a planned savings of five per cent per income year); and
• without an income, you might be forced to draw upon your retirement savings, placing your long-term financial future in serious jeopardy.
What if an injury or illness ends your ability to earn a living? Without protection, you would be struggling with your finances at a time when you should be focused on your health.
The Canadian Bar Insurance Association (CBIA) Disability Insurance Income Replacement Plan provides the financial security of a regular monthly income in the event you have a loss of earned income due to a serious illness or accident.
Plan underwritten by
The Manufacturers Life Insurance Company
(Manulife Financial)