You may think that your home, car or investment account is the most valuable thing you own. But we believe that your most valuable asset is your ability to make a living. Without it, you wouldn’t be able to enjoy all the things that make your lifestyle possible.
Can you put a price on this?
The charts below measures your earning potential over time
Naturally, we all like to assume that nothing serious will ever happen to us, or interfere with our most valuable asset: the ability to earn a living. But the fact is that things can happen to anyone, and the statistics tell the real story:
Above are the chances, at different ages, of incurring a 90-day or greater total disability prior to
If your disability lasts longer than 90 days, the average length will be longer than you think.
Imagine the ramifications of being disabled and without earnings for more than three years. No matter how successful your career may be at that point, your living expenses and other financial obligations might quickly exhaust your savings and jeopardize the very assets you worked so hard to build.
You may have several insurance policies, and each one protects something different: your life, home, car or valuables. But none of these would help if you become disabled.
Disability insurance is designed to provide income if you sustain a serious illness or injury. It allows you and your family to maintain your lifestyle during a difficult period.
How likely are you to suffer a long-term disability that lasts more than 90 days? Surprisingly, the statistics show that you’re more likely to become disabled than to die prematurely.
There’s less money coming in and more going out. It’s a dangerous situation. Your income plummets while you can’t work, yet your expenses are growing. In addition to your regular costs of living, you must also cover medical expenses and other bills related to your disability
There really aren’t many ways to replace the income you’d lose if you became disabled.
This table presents a few ideas, observations and key questions for each option.
How comfortable would you be with any of these?
You may be one of the millions of working Canadians with little or no income protection who qualify for disability income insurance. This is an important plan to consider since it can protect your income if an illness or injury takes you out of the workforce.
This protection is the best way to ensure that your expenses will be met, without jeopardizing your family’s financial security. Getting started is simple. Simply schedule a meeting with Mike to discuss your options.
Spouse or family?
Mike Sukhram, MBA, FMA, PFP, CIM | Financial Advisor
Carte Wealth Management Inc. | Main Street Adviser Group
(647) 800-4820 | firstname.lastname@example.org
Mutual Funds and ETFs are provided through Carte Wealth Management Inc.
Insurance products such as segregated funds, life, disability, and critical illness insurance are offered through Carte Risk Management Inc.
Banking services through referral arrangement.
Mike Sukhram is a financial advisor in Mississauga serving clients in the GTA, Oakville, Brampton, Etobicoke, Toronto, and Burlington areas. He specializes in investments and insurance strategies to help professionals, executives and business owners with their retirement plans.