The ability to earn an income is the single most valuable asset of any individual during his or her working years.
Yet, income replacement plans are often overlooked. Designed to protect against the loss of income, individual disability insurance offers a cost effective way for the policy owner to address the financial hardship that would result in the event of a long-term disability.
For individuals, one’s basic lifestyle depends on a steady flow of pay cheques. In the event of disability, the loss of this pay cheque means other assets must be used until work is resumed, which can deplete financial resources.
Safety nets such as government benefits or personal savings seldom provide the resources to ward off financial devastation that can result from a disabling injury or sickness.
Medical advancements mean an increasing number of individuals are recovering from disabling diseases that in the past might have resulted in death. The financial recovery can be an even greater hurdle.
For these reasons, disability insurance should be considered as part of every working individual’s personal financial plan.
At Field Insurance Brokers Inc., we have had much success in placing disability insurance and recommend it as an integral part of your comprehensive financial planning.