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Disability insurance

Unfortunately if you get a sudden illness or have a serious accident you might find that it can drastically reduce your income or you may even lose your income completely. There may not even be a warning that this is going to happen. You could be left with a small amount of money that will be needed to help cover the costs of medication, therapies, nursing care, and many other health related expenses that you have not budgeted for.

This is why disability insurance is important. Not only is it to help protect your health but also your income and your savings. Disability insurance will offer you an alternative source of steady income at a time where you need it the most. If you are not able to work your disability insurance will pay a monthly benefit.

Many people will over look disability insurance but what they do not realize is the chance of being disabled for a time period of ninety days or even longer is much higher than you would think. Disability insurance is available as a short term or a long-term benefit. And if you are faced with a disability it will help to ensure that your finances will not be in jeopardy.

This chart will help to show you your potential earnings to age 65 based on your current income assuming there is a five percent increase each year.

Disability Insurance Plans in Toronto

At Age $24,000 $36,000 $48,000 $60,000 $84,000 $120,000 $180,000
25 2,899.195 4,348.792 5,798.389 7,247.986 10,147.181 14,495.975 21,743.960
26 2,738,281 4,101,421 5,476,561 6,845,701 9,583,981 13,691,403 20,537,106
27 2,585,029 3,877,544 5,170,058 6,462,573 9,047,602 12,925,146 18,293,065
28 2,439,075 3,658,613 4,878,151 6,097,688 8,536,764 12,195,377 18,293,065
29 2,300,072 3,450,108 4,600,143 5,750,179 8,050,251 11,500,359 17,250,539
30 2,167,687 3,251,531 4,335,375 5,419,218 7,586,906 10,838,437 16,257,656
31 2,041,607 3,062,411 4,083,214 5,104,018 7,145,625 10,208,036 15,312,053
32 1,921,531 2,882,296 3,843,061 4,803,826 6,725,357 9,607,653 14,411,479
33 1,807,172 2,710,758 3,614,344 4,517,930 6,325,102 9,035,860 13,553,790
34 1,698,259 2,547,388 3,396,518 4,245,647 5,943,906 8,491,906 12,736,943
35 1,594,532 2,391,799 3,189,065 3,986,331 5,580,863 7,972,662 11,958,993
36 1,495,745 2,243,618 2,991,490 3,739,363 5,235,108 7,478,726 11,218,079
37 1,401,662 2,102,493 2,803,324 3,504,155 4,905,817 7,008,310 10,512,465
38 1,312,059 1,968,089 2,624,118 3,280,148 4,592,207 6,560,296 9,840,,443
39 122,723 1,840,084 2,453,446 3,066,807 4,239,530 6,133,615 9,200,422
40 1,145,450 1,718,176 2,290,901 2,863,626 4,009,076 5,727,252 8,590,878
41 1,068,048 1,602,072 2,136,096 2,670,120 3,738,168 5,340,240 8,010,360
42 994,331 1,491,497 1,988,663 2,485,829 3,480,160 4,971,658 7,457,486
43 924,125 1,386,188 1,848,250 2,310,313 3,324,438 4,620,626 6,930,939
44 857,262 1,285,893 1,714,524 2,143,155 3,000,417 4,286,311 6,429,466
45 793,583 1,190,374 1,587,166 1,983,957 2,777,540 3,967,915 5,951,872
46 732,936 1,099,404 1,465,872 1,832,340 2,565,276 3,664,681 5,497,021
47 675,177 1,012,766 1,350,354 1,687,943 2,363,120 3,375,887 5,063,830
48 620,169 930,253 1,240,338 1,550,422 2,170,591 3,100,844 4,651,266
49 567,780 851,670 1,315,560 1,419,450 1,987,229 2,838,900 4,258,349
50 517,886 776,828 1,035,771 1,294,714 1,812,599 2,589,428 3,884,142
51 470,367 705,551 940,734 1,175,918 1,646,285 2,351,836 3,527,754
52 425,112 637,667 850,223 1,062,779 1,487,891 2,125,558 3,188,337
53 382,011 573,017 764,022 955,028 1,337,039 1,910,056 2,865,083
54 340,963 511,444 681,926 852,407 1,193,370 1,704,815 2,557,222
55 301,869 452,804 603,739 754,674 1,056,543 1,509,348 2,264,021

 

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