Nobody likes the thought of getting sick, but according to StatCan, the average worker in Ontario lost 6.3 days of work in 2015 due to an illness or disability. Multiplying that by the size of the labour force (est. 7.5 million), that comes out to just under 50million days lost. So if you rarely take a sick day, you should probably count yourself lucky. As for lasting illnesses or disability, there is approximately a 25% chance probability that you will suffer a disabilty at some point in your career. Of course lifestyle and individual factors will influence your own odds of this happening. If you want to estimate your own chances, visit this link, Personal Disability Quotient (PDQ) To learn a bit more about your options to protect your income and lifestyle in the event of a disability or critical illness, click on the related links.
Tim Eastwood, CFP®, CIM®, FCSI