The key to a good job and a fruitful career is loving what you do.
But what happens if one day, you’re unable to do what you love? What if you’re unable to work? Whether you’re self-employed or employed by an existing company, if you’re unable to perform your job, your position nor your paycheque is guaranteed. While we all would hope to live a healthy, incident free life, realistically – and statistically – things go wrong. And during those times, it pays to be protected – especially when bills start piling up. So what can you do to protect your paycheque, and your savings when this happens?
Last month, Notable Life and RBC Insurance partnered up for a weekend of wellness, learning and fun up in Sundridge Ontario at The Northridge Inn. The guest list included freelance writers, photographers, nutritionists, trainers, entrepreneurs and more… In addition to the guests, RBC Insurance advisors were on site to answer the dozens of questions we all had on insurance and particularly income protection.
In my mind, the only way to protect your paycheque was in a piggy bank. But to think that you can protect what you’ve worked to save and your future paychecks in case something happens? Now that, I needed to know about.
- 1. Disability insurance ensures that you can still cover the bills, even if you’re unable to work.
Income protection a.k.a. disability insurance helps to ensure that you’re still maintaining that salary you were once making at the job you’re no longer able to perform. If you’re unable to work due to a serious injury or illness, disability insurance ensures you’ll be able to cover your bills despite your inability to work.
- 2. Critical illness payouts can seriously help when hit with a serious illness.
Devastating health problems like cancer, kidney failure or heart attacks can be stressful enough on the body – let alone the mind. Critical illness insurance provides a lump sum payment that can be used for whatever you want – from bills to therapy or treatment, so that you can focus on getting better and not your finances.
- 3. Disability insurance covers mental health and stress leave
1 in 5 Canadians will suffer from mental health issues*. The last thing you want to do if you can’t get out of bed is worry about how you’re going to pay the bills. It’s always better to be protected than put yourself under more emotional and financial stress.
- 4. Critical illness & disability insurance help with rehabilitation.
All you should worry about is getting better when you’ve suffered a physical or mental blow. In addition to financial support, critical Illness and disability insurance policies through RBC Insurance both provide a number of assistance services that can help you with rehabilitation and help you better cope with the emotional stress and challenges of a disability or critical illness.
- 5. Disability insurance isn’t one size-fits-all.
Some of us are more prone to injury or have certain illnesses in our family history. Some of us are climbing the ladder faster and thus our income moves up more each year. Essentially, everyone’s income is different, everyone’s risk for illness or injury is different and your needs change as your income changes – so your coverage needs are likely unique to your life. The best approach to getting the right coverage is to sit down with a licensed insurance advisor who can understand your situation and recommend the best coverage plan for your needs.
RBC Insurance is committed to helping consumers feel more confident in their insurance decisions. They want to make sure that their clients are informed and knowledgeable about the different types of insurance and what will work for them and their families. You can call their Advice Centre or make an appointment with an RBC Insurance Advisor to chat about policies and options that best suit your needs.
*Source: Mental Health Commission of Canada