Income Protection Insurance for Health Professionals
Health Professionals
A Health Interruption = An Income Interruption
A Health Interruption = An Income Interruption
Why do you need Income Protection Insurance?
While most health professionals are familiar with life insurance and may already have this type of coverage to provide for their families in the event of their death, many aren’t aware of the potential financial challenges that could arise if they experience an injury or illness that leaves them temporarily or permanently disabled.
A health interruption is more prevalent than you may think
In the event that you, as a health professional, face an injury or illness that renders you unable to work, it becomes crucial to consider how you will compensate for lost wages, manage medical expenses, and cover your essential living and professional costs, such as mortgage payments, utilities, and groceries. Alarmingly, nearly half of all working professionals in the healthcare field express concern about lacking sufficient funds to meet these financial obligations in the event of work incapacity.
To safeguard your financial well-being during such circumstances, it is prudent to consider income protection insurance. This insurance option provides you with the necessary protection, whether you are self-employed or receive benefits from an employer, eliminating the need to navigate complex procedures when you require financial assistance the most. With income protection insurance, you can ensure timely and hassle-free access to benefits, providing the financial security you need during challenging times.
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FAQS
Won't the government take care of me?
If you are wondering whether the government will support you in case of disability, it is important to note that while the Canada Pension Plan (CPP) provides compensation for employees with disabilities, you need to contribute to the plan and fulfill specific eligibility criteria. If you are self-employed, you are required to make the full contribution and self-fund your disability insurance.
Even though CPP Disability Benefits are accessible to all eligible individuals, it can still be a challenging process. Benefits are distributed based on the severity of the condition, and if your circumstances were not deemed severe enough at the time of your application, you may not receive benefits.
What are the odds of suffering from a disabling injury or illness?
How long would the savings of an individual last?
If you saved 5% of your income for 10 years, a disability would wipe out all of your savings in just 6 months!
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