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Disability insurance – Could you afford not to have it?

Disability insurance – Could you afford not to have it?. Agenda. Why do you need disability insurance? How does it work? What are the options? SOLO Disability Income features Examples How can you buy it?. Whether it's…. mortgage or rent. groceries. car payments. daycare. tuition fees.

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Disability insurance – Could you afford not to have it?

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  1. Disability insurance – Could you afford not to have it?

  2. Agenda • Why do you need disability insurance? • How does it work? • What are the options? • SOLO Disability Income features • Examples • How can you buy it? DESJARDINS FINANCIAL SECURITY |

  3. Whether it's…

  4. mortgage or rent

  5. groceries

  6. car payments

  7. daycare

  8. tuition fees

  9. or any other expenses…

  10. We all have bills to pay… every month…

  11. And if suddenly, you were unable to work and earn an income What would you do?

  12. What do you think your most valuable asset is? Is it your property… your vehicle… your investments …something else? DESJARDINS FINANCIAL SECURITY |

  13. Everybody is millionaire! Everybody is millionaire! Your income is a most valuable asset that you will acquire during your lifetime. That is why : Disability Insurance = Basis of your financial security DESJARDINS FINANCIAL SECURITY |

  14. From the other perspective… From the other perspective… When you buy a car: You call immediately car insurer to protect it! DESJARDINS FINANCIAL SECURITY |

  15. From the other perspective… When you buy a house: You call immediately home insurer to protect it! DESJARDINS FINANCIAL SECURITY |

  16. From the other perspective… When you buy stainless steel appliances: You will probably insure them if something goes wrong. DESJARDINS FINANCIAL SECURITY |

  17. From the other perspective… But when you earn your salary and have no disability protection to protect it, do you buy disability insurance right away? Disability Insurance = Basis of your financial security If you have no income, will you have enough money to pay your house, your car, your appliances, your other insurances if disabled? DESJARDINS FINANCIAL SECURITY |

  18. Reality in case of illness or accident Revenues Expenses Disability DESJARDINS FINANCIAL SECURITY |

  19. How long could you live off your savings? A long-term disability (90 days & +) can be bad for your financial security! DESJARDINS FINANCIAL SECURITY |

  20. Probability of becoming disabled before age 65 and average duration of disability for 90 days or more DESJARDINS FINANCIAL SECURITY |

  21. How does disability insurance work? It pays you a monthly benefit: • to replace your income • when you are not able to work • due to an illness or accident DESJARDINS FINANCIAL SECURITY |

  22. Main components • Monthly benefit • Waiting period • Benefit period DESJARDINS FINANCIAL SECURITY |

  23. Options • Regular occupation period • 2-year • 5-year • Up to 65 years • Residual or partial disability • Cost of living • Future insurability option DESJARDINS FINANCIAL SECURITY |

  24. SOLO Disability Income unique features 1 • 1st day in case of hospitalization or day surgery(For waiting periods of 90 days and less) No DESJARDINS FINANCIAL SECURITY |

  25. SOLO Disability Income unique features 2 • 1st $1,200 guaranteed • No integration and no coordination apply for the first 36 months No DESJARDINS FINANCIAL SECURITY |

  26. SOLO Disability Income unique features 3 5 x your monthly benefit if you are diagnosed with 1 of the 25 critical illnesses • Disabled or not • Paid on top of your benefit No DESJARDINS FINANCIAL SECURITY |

  27. Covered critical illnesses • Cancer • Heart attack • Stroke • Coronary Artery Bypass Surgery • Multiple sclerosis • Parkinson • Paralysis • Kidney failure • … Total: 25 illnesses! DESJARDINS FINANCIAL SECURITY |

  28. SOLO Disability Income unique features 4 • An extra 5% paid on top of the benefit starting on the 13th month of your disability income payment (in a DFS savings account) If $2,000 benefit, it means an extra of $100! No DESJARDINS FINANCIAL SECURITY |

  29. SOLO Disability Income unique features 5 • 5 x the monthly benefit in case of death (Paid if the death occurs while receiving disability benefits) No DESJARDINS FINANCIAL SECURITY |

  30. SOLO Disability Income unique features Furthermore, you could add those options: • Regular occupation period • Residual or partial disability • Cost of living • Future insurability option • Return of premium: up to 50% DESJARDINS FINANCIAL SECURITY |

  31. Which job would you choose? Job A • $33,000 per year • $0 if you become disabled • Job B • $32,000 per year • 90% of your net income up to age 65 if you become disabled DESJARDINS FINANCIAL SECURITY |

  32. How much does it cost? • PLUS Future insurability option $1,000 DESJARDINS FINANCIAL SECURITY |

  33. Next steps • Medical questionnaire • Medical questionnaire, nurse visit, urine test DESJARDINS FINANCIAL SECURITY |

  34. Thank you!

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