Protect Your Income

It’s important to think how you and your family would manage if you weren’t able to work because of an injury or illness.

If you think it might be difficult, consider creating a back-up plan that provides you with enough money to maintain your lifestyle. By planning ahead it could help to reduce stress and make things easier for you while you’re recovering.

To create a plan you’ll need to understand what coverage you currently have.

If you have disability benefits through work, find out how much of your salary is covered – most employee disability benefits only pay a percentage of your salary. If you have an emergency fund - determine how long it will last and if there will be enough to cover any extra medical expenses.

Once you know what coverage you have, compare it against your financial obligations and living expenses to see if it’ll be enough. If it isn’t enough, you may want to consider adding a disability or critical illness policy to your plan.

If you’re self-employed or your family really depends on your monthly salary, disability insurance might be a good option. It can provide a monthly benefit that helps to replace the monthly income that you’ve lost while being off work for a long period of time.

Critical illness insurance is a little different, it’s provided in a one-time lump sum. You can use the benefit to supplement your income, pay for medical costs or renovations to make your home accessible, or whatever else you want.

Understanding the coverage you may already have through work or savings, and then speaking to a licensed insurance advisor can help you create a well-rounded plan that will allow you to focus on getting better and return to your life faster.