Don’t Discredit Disability and Job Loss Insurance

It’s not a stretch to imagine that you’ve probably encountered many of your friends, coworkers, or family members who are worried about job stability in today’s changing economy. Regardless of what industry you work in, there seems to be a lingering threat that one day, you may be laid off of work. What’s more worrisome, is the thought of becoming disabled while having to support a family; especially if only one spouse is working.

With stress tests, mortgage payments, and life insurance, it’s easy to understand why many clients may not opt for an individual disability policy, particularly if they have group benefits available through work. However, with only 50%-70% of their pre-taxed income being covered under most group plans, there is another 50%-30% of funds that are unaccounted for and could be a detriment to someone who becomes disabled. In 2017, 6.2 million people in Canada had at least one disability, with a woman more likely to have a disability than men.

Our Mortgage Disability coverage provides the reassurance that families need:

• $3000 coverage for a maximum of 24 months with a 60 day elimination period.
• Each applicant can insure up to 100% of the monthly mortgage payment.
• Does not conflict with any other insurance you may be collecting (EI and Worker’s Compensation) as the money is paid directly to the lender.
• No exclusions or limitation on neck or back injury.
• Can insure those who are self-employed.
  

Possibly one of the best benefits of this policy is the optional rider for Job Loss insurance. According to Statistics Canada in January of this year, 88,000 jobs were lost and while many of these jobs were part-time; it isn’t hard to imagine the financial hardships some of these families faced while dealing with this loss.

Job Loss must be taken at the time of purchase with the Mortgage Disability and has several benefits, including:

• $3000 coverage for a maximum of 6 months with a 60-day elimination period.
• Cannot be self-employed and must be eligible under the Employment Insurance Act to claim.
• Working on a permanent basis for a minimum of 25 hours per week.
  

We have many marketing tools such as informative flyers, past client letters, and web buttons where your clients can request a quote for these products directly through your website!

To request a quote on the products we offer, click here.
Or call: 1-877-242-8820 and press 3 to speak with an insurance coordinator. 
*Statistics on Job Loss and Disability from https://www.cbc.ca/news/business/canada-employment-january-1.4527905 and https://www150.statcan.gc.ca/n1/pub/11-627-m/11-627-m2018035-eng.htm