RMT- Registered Massage Therapists Ontario
Why you need disability insurance
While most people 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 financial distress that could occur if they experience an injury or illness that renders them either temporarily or permanently disabled.
Disability is more prevalent than you may think
In the event an injury or illness leaves you unable to work, how will you make up for lost wages, cover medical costs and pay your living expenses such as your mortgage, utilities and groceries? Unfortunately, almost half of all working Canadians don’t believe they have enough funds to cover expenses if they are unable to work.
While the government compensates employees with disabilities through the Canadian Pension Plan (CPP), you must contribute to the plan and meet strict eligibility requirements. If you’re employed, this means paying half of the contributions, but if you are one of the more than 33% of self-employed Canadians you’re expected to make the full contribution and self-fund your disability insurance. Personal disability insurance ensures you receive the protection you need – no matter if you’re self-employed or receive benefits from an employer – without having to jump through hoops to receive your benefit when it’s needed the most.