Financial planner Jean-Sébastien Jutras warns citizens who want to give up certain insurance to save costs during this inflationary period.
Moreover, he explains that among non-mandatory protections, disability insurance is a “must have” for everyone.
“For example, for a 40-year-old non-smoker, the chance that she will have a disability when she turns 65 is more than 20%. 20% is a lot,” the expert says.
Many workers with group insurance have paycheck insurance, which is the same as disability insurance.
However, it's also important to know your protection, since insurance often doesn't cover 100% of your wage loss.
Take, for example, a carpenter who earns about $80,000 a year, which equates to $1,500 a week. Their disability coverage is $565 per week. “It goes from $1,500 to $565, which is a huge amount and these people may not even know it,” he says.
In this case, if you need more than $500 per week to meet your needs, the specialist suggests getting other insurance to cover the gap.
In the event of disability, you will receive a total of two insurance policies.
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