Is disability insurance really that important?

Do you wonder if you really need to buy disability insurance? Here are some facts to inform your decision.

If you work for a company full time

You're generally eligible for employment insurance. Moreover, your group insurance usually includes disability coverage. But be careful: Some group insurance plans, particularly for SMEs, pay disability benefits only after employment insurance benefits have been paid (maximum 15 weeks) and for 2 years only. After this period, you could end up with no income.

If you are self-employed

You're not eligible for employment insurance and don't have access to group insurance. Disability insurance enables you to meet your financial obligations without jeopardizing your financial situation. Falling ill or being the victim of an accident that would prevent you from working, even if only for a few days, could be catastrophic if you haven't taken the necessary precautions to make up for a potential loss of income.

To find out more, meet with a financial security advisor, who can recommend life and health insurance coverage tailored to your needs.