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|What If Your Income Stopped Today?
Your ability to generate an income is worth protecting. It represents a critical element of your financial security. If you regularly save 5% of your gross income, a six-month disability could wipe out 10 years of savings.
When you stop to think about it, it's your income that pays for the lifestyle you lead. How comfortable would you be living in a home without fire insurance or driving your car without insurance protection? But did you know that the chances of your home burning down or your car being involved in a serious accident are much lower than your chance of becoming disabled?
If we insure our assets, then doesn't it make even more sense to insure the source of our assets? Disability income insurance is designed to replace a portion of your income in the event you become disabled due to accident or sickness.
Review your current insurance coverage to see what disability coverage you already have. It's important to understand when benefits may be claimed, under what criteria and for how long. There can be a lot of variety from plan to plan, so it's wise to check the fine print. If you discover there is a gap in your coverage, then take the next step to determine if and how you can fill the gap with an individual plan.
To find out more about protecting your earning power, please contact your BMO Nesbitt Burns Investment Advisor who will refer you to an Estate & Insurance Advisor from BMO Nesbitt Burns Financial Services Inc.
Here are some more articles on Insurance:
Insurance Services: Estate and Insurance Services Booklet
Disability Income: Disability Insurance
Survivor Income: BMO Direct Term Life, Registered Asset Preservation Plan, Universal Life Insurance
Personal Health Care: Critical Illness Insurance, Long Term Care Insurance