One Way to Protect Your Wealth
As of 2017, there were 6.9 million Canadians living with a disability, of which 60% are between the ages of 24 and 65 years. Of these, the people living with a severe disability are 69% less likely to be working, according to Statistics Canada.
When a person without LTD insurance suddenly becomes disabled, their income stops completely, or is reduced. Their wealth can be drained away as they struggle to support themselves. They would have to rely on EI Benefits which have very low maximum benefit levels.
Ensure that you shield the wealth you have been carefully building with a comprehensive LTD policy. Many workplace policies have exclusions and restrictions. Discuss this with your Carte Financial Advisor and explore the options that will best fit your circumstances.
A great time to buy LTD insurance is when you are young and in good health. Your premiums will be lowest and you can lock them in for life. You will then have it in place as you get older, when health issues typically begin appearing.