Most people recognize the need for home insurance, car insurance, and even life insurance however, many overlook the need for disability insurance – insurance that provides a source of income if you become ill or injured and can’t work. Your biggest asset is not your car or your home; it is your ability to earn an income.
If you are covered under a group benefits plan, you need to be aware that there may be a significant gap in your protection. Most group plans only provide a maximum benefit based on the average income earner in the group. If you earn a higher income than the average person in your group, your disability benefits can vary drastically. When it comes to your disability plan, the question you need to ask yourself is – are you sufficiently covered? Do you know how much your group disability plan would pay out in the event of an illness or injury? Would you want to find out what your plan covers when you need it the most?Not many people expect to be affected by a disability, yet disabilities are a very real fact of life that can be financially devastating. The chart below illustrates the percentage of people who will become disabled for at least 90 days prior to age 65 and the average duration of disability.
*Source: Commissioner’s Disability Table, 92 CIA Mortality Table, blended 50/50 male/female
**Source: Commissioner’s Disability Table, blended 50/50 male/female and 50/50 accident/sickness
We encourage you to book a review to ensure you have sufficient coverage in place.Team Jackie Porter/Lawyers Financial
More Financial News & Events
Living your best life: Striking the balance between enjoying life now or enjoying it later
Sep
Living Your Best Life: Client Testimonials and Insights
Sep
Unpacking FOMO: Understanding biases, emotions and financial attitudes
Aug
How to overcome FOMO to not overspend this summer
Aug
How to Overcome FOMO on Investments
Aug
What behaviours undermine your ability to build wealth
Jul
How Do You Loose Wealth
Jul
What Does Wealth Building Mean to Our Clients?
Jul
Estate Planning: What You Can Learn From the Mistakes of Celebrities
Jun
Estate Planning For Lawyers
Jun
Estate Planning for Business Owners
Jun
Managing growth for business owners
May
Are you a lawyer with questions on how to grow your investments?
May
Cultivating a growth mindset around money
May
Why financial growth can be deceptive
May
Home and Financial Document Organization
Apr
Business owners, it’s time to start spring cleaning.
Apr
Spring Cleaning Your Finances
Apr
Unique financial challenges female lawyers face
Mar
Taking Action: A Woman’s Perspective on Deciding To Tackle Her Finances
Mar
Is there a gap in your income protection?
Mar
Knowing the difference between Tax Filer and Tax Advisor
Mar
Conquering Women’s Fears Around Finances
Mar
Trends in Family Law
Feb
PART 2: Financial Conversations Couples Need To Have at Different Life Stages
Feb
Financial Conversations Couples Need To Have at Different Life Stages
Feb
Disruption and Reinvention: Starting a Second Career in your Forties
Jan
How to create a strong financial fortress during market downturns
Jan
Creating a Financial Vision Board for 2023
Jan
5 Tips to set yourself up For Financial Success in 2023
Jan
Year-end Donation strategies
Dec
Year-end tax planning
Dec
Getting clients organized for 2023
Combating Quiet Spending
Nov
Our Client’s Journey to Building Financial Confidence
Nov
How Working with an Advisor can Improve your Confidence
Nov
A letter from the CEO’s desk
Nov
Getting Psychologically Ready for Retirement
Oct
Retirement Planning for Business Owners
Oct
Top Issues Clients Face with Retirement
Oct
What Risk Means for your Investment Portfolio
Oct
Finding Investment Opportunities in the Market
Sep
Behind The Scenes On Helping Our Clients Choose Investments
Sep
How to Deal with Debts Amidst Rising Costs
Sep
Buying and Selling Homes as Prices Fall
Aug
Parenting and Back to School
Aug
Dealing with the high cost of living
Aug
Ask Team Jackie Porter Series – Financial Planning with Jin Lee
Aug
Budgeting for Home Renovations
Jul
Mental Health and Finances
Jul