More Likely to Need Disability Than Life Insurance

While life insurance is popular, we are more likely to need disability insurance.

“A 30-year-old person is four times more likely to become disabled than die at that age, according to MetLife.”(Arizona Republic October 7, 2007).

Most people have few worries about becoming disabled. Despite the statistics that one in seven Canadians has a disability, it only comes into our minds when it hits us personally, a family memory or friend.

When we see risks the prudent thing is to carry insurance. We carry car insurance, home insurance, maybe property insurance, and usually life insurance. We have been trained to believe that all responsible people carry life insurance.

I was surprised to read the statistics on death versus disability. “A 30-year-old person is four times more likely to become disabled than die at that age, according to MetLife.”(Arizona Republic October 7, 2007).

Do you have long term disability insurance or LTD? It will help you live if you become injured on the job, at home or anywhere. Canada Pension Disability, Worker’s Compensation and other government programs will not support your lifestyle. The disabled generally live far below the poverty line. Losing your ability to earn a living is the prime reason.

It’s buyer beware here, as in all things. Some LTD only covers 2 years from the onset of the disability and then expires. While you may have been a manager, teacher or well paid worker before your disability, the insurance can terminate if you are able to perform any job, no matter how menial or low paying.