Do you have a mortgage? Are you married and/or have children? Check out our 3 questions to ask before you decide if you can afford to skip disability insurance.
The mortgage insurance people are most familiar with covers mortgage payments, or pay off a mortgage if you were to pass away. Disability insurance adds financial stability when you are disabled, by covering your mortgage payments while you are unable to work for an extended period of time.
The 20/20 team understands that life is unpredictable, which is why we offer affordable, customizable, and comprehensive mortgage life protection policies to suit your family’s individual needs, budget, and lifestyle.
Want to know more?
When we think about disability, we usually picture someone injured in a tragic car accident, but the reality is that an injury or illness that reduces a person’s ability to work can happen to anyone. That’s why you must consider your monthly financial needs in order to determine if you need disability insurance.
3 Questions to Ask Before You Decide You Can Skip Disability Insurance
1. How long can you maintain your quality of life without your paycheque?
- Could you continue to pay your mortgage, monthly bills, buy groceries and support your family without working?
- Disability insurance protects your ability to earn a living, maintain your home, and your well being.
- The stress of unpaid bills makes healing more challenging. Disability insurance allows you to focus on recovery rather than bills.
2. What are the chances you will need disability insurance?
- A 30-year-old Canadian is four times more likely to become disabled than die before they turn 65.
- One in six Canadians will become disabled for 3 months or more before they turn 50.
- Only 10% of disabilities in Canada are caused by an injury. The remaining 90% are illness-related including arthritis, depression, heart disease, diabetes, cancer and back pain. These could just as easily affect an office manager who works at a desk as someone in construction.
5 COMMON WORKPLACE CAUSES OF LONG TERM DISABILITY
3. Can you afford the extra costs you might face due to a disability?
These include:
- Home care, nursing care, transportation costs
- Therapies to support your healing
- Regular doctor visits
- Modifications to home for mobility or care
20/20 Disability insurance is tied to your mortgage and provides monthly mortgage payments at the amount of your mortgage payment at the time of application up to $3000. It continues if you are totally disabled up to 24 months.
Call Today
To find out more about purchasing disability insurance with your 20/20 Mortgage Life Insurance policy, contact one of our licensed agents today at 1-844-974-2020 or fill in our online contact form.
