Disability Insurance for Edmonton and All of Alberta

Disability insurance is a crucial step in planning for you and your family's future. When an accident or illness happens to you, whether it is on or off the job, and you are not able to work, what will happen to your income? Your income will typically stop but your monthly bills and expenses such as rent, credit card payments, loan payments, utilities and property taxes will continue! Where will your money come from when this happens?

Are You One Cheque Away From a Disaster?

Real Life Example: Not Understanding Disability Insurance

Recently a man who was a self-employed contractor was in a not at fault accident while on the job. After the accident the man was unable to work as he had sustained significant injuries to his back and spine. The man did not have any disability insurance as he thought he would be financially compensated by the workers compensation board.

When he started interacting with the workers compensation board he realized that he had only taken the minimum benefit allowed through workers compensation. At the time of registration he thought the coverage through the workers compensation board was too expensive and put the minimum coverage in place to get the contract. The man was earning approximately $150,000 per year and had debt for his business in addition to many personal financial responsibilities. He did not realize was how little coverage he had obtained, how significantly lower his income would be on workers compensation and how long it would take for his claim to be approved.

Post accident the man has no income, all business debts remain and he will be receiving just enough compensation from workers compensation to cover his personal expenses. He was not able to work due to his injuries and there was no foreseeable date that he will be able to work again. Subsequent to the accident it became abundantly clear how many pitfalls emerge when you don't have correct information and proper disability insurance.

How Disability Insurance Works and How Much It Costs

In the example above by working with an advisor the worker could have had five (5) year basic coverage in place with with a $4,000 a month benefit for as little as $75 a month. Protection that would cost approximately $900 per year would have provided benefits of $240,000 over the life of the policy . 

Lets take a look at disability claims.

Don’t let this be your situation and call Bridge Financial Insurance Ltd. Today and get protected with the proper disability insurance protection plan.

Why Do You Need Disability Insurance?

If you become disabled the following sources of of funds could be drawn on to support your day to day expenses:

  1. Savings - How much do you have in your account and how many months will it cover your monthly expenses and payments?
  2. Retiement Planning - Do you want to risk your future? Not only will you have to stop saving for retirement indefinitely, but if you use funds from this source it will put you even further behind in your retirement goals, cashing in RRSPs is also 100% taxable. 
  3. Credit Line - Do you want to go into debt to fund an injury and do you have capacity to obtain loans while not working?
  4. Borrow from friends and family - Are they able to provide any financial resources and do you want to put financial strain on your friends and family?
  5. Government Disability Benefits - Employment insurance and workers compensation may be available but benefits may be inadequate and take a significant amount of time to become available.
  6. Group Disability Insurance - You may have coverage through your employer, but it may only cover you if you are injured while at work, there is typically a waiting period before benefits start and total coverage may be capped.
  7. Disability Insurance - This is the most cost effective and comprehensive product for you while you are unable to work. 

Disability Insurance Expertise and Experience

Let us answer all your disability insurance questions.  If you would like to find out how much disability insurance you require, please fill out the NEEDS ANALYSIS form. If you are having trouble completing the NEEDS ANALYSIS form please contact us and one of our advisors walk you through the analysis to completion.

Should you already know how much disability insurance you want to purchase just complete our online Quote Form to get started. You may have disability insurance in place but haven't not had contact with your adivsor or you would like have a review done to see if you have the proper coverage or protection against escalating costs, if so please contact us now and we will have one of our advisors contact you to assess your needs.