Accidents And Illnesses Are Facts Of Life. They Can Happen To Anyone At Any Time. 1
Let’s Consider The Following: What do you think your chances are of becoming disabled for 90 days or longer at least once prior to age 65? 1 in 3 The average length of a disability which lasts over 90 days is? 2.9 years Sources: 1985 Commissioner’s Disability Table A (Experience Table) & CIA 86-92 Aggregate Mortality Table. 2
It’s Like Your Future Is Hidden Behind One Of Three Doors. Two of them lead to good health. The other leads to disability. Pick the wrong door and you lose. Are you willing to play those odds? Can you afford to let that happen? 3
Of 1,000 Males Or Females, How Many Will Be Disabled For 90 Days Or More Before Age 65? 500 Male 450 Female 400 Number of People 350 300 250 200 150 100 50 0 25 30 35 40 45 50 55 60 Age Sources: 1985 Commissioner’s Disability Table A (Experience Table) & CIA 86-92 Aggregate Mortality Table. 4
In A Year What Are The Odds Between Death And A Disability That Lasts At Least 90 Days? 14 12.2 12 10 Death 9.5 Number of People Disability 8 6.9 6 4 4 2 1 1 1 1 0 Age 25 Age 35 Age 45 Age 55 Sources: 1985 Commissioner’s Disability Table A (Experience Table) & CIA 86-92 Aggregate Mortality Table. 5
Consider Your Future Income Assuming a 2% raise each year, these are your potential earnings up to age 65. $6,000,000 Age 25 Age 35 5,073,767 $5,000,000 Age 45 Income Potential $4,000,000 3,624,119 3,407,719 $3,000,000 2,434,085 2,174,471 2,040,979 $2,000,000 1,460,451 1,449,648 1,457,842 973,634 874,705 $1,000,000 583,137 $0 2,000 3,000 5,000 7,000 Current Monthly Income 6
Which Job Would You Rather Have? JOB A JOB B u $35,000 income u $34,000 income while you are while you are working. working. u $0 if you are unable u $24,000 tax-free if to work. you are disabled. 7
If You Became Disabled Today, Could You Afford To: u Pay your mortgage or your rent? u Buy food? u Pay your utilities? u Make car payments? u Make other loan payments? 8
What Are Your Options? u Liquidate some or all of your assets? u Use your personal savings? u Surrender your RRSPs? u Apply for a personal loan? u Depend on your spouse’s income? u Borrow money from your family and friends? 9
¡ What Are Your Solutions? u Workers’ Compensation? u Employment Insurance? u Canada Pension Plan (CPP/QPP)? u Group Insurance or Association Plan? u Individual Disability Plan 10
Assets You Insure Today? Your Home? Your Vehicles? Other Assets? Your Ability To Earn An Income? 11
You Couldn’t Afford A Car If You Didn’t Have An Income… ¡ ¡ BUT IT’S PROTECTED! 12
You Couldn’t Make Payments On Your House If You Didn’t Have An Income… BUT IT’S PROTECTED! 13
In Fact, You Might Have To Part With Some Of Your Possessions If You Didn’t Have An Income... BUT EVEN THEY ARE PROTECTED! 14
Your Ability To Earn An Income Is One Of Your Most Valuable Assets. Why not insure it? 15
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