solo disability income
TRANSCRIPT
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Disability insurance – Could you afford not to have it?
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DESJARDINS FINANCIAL SECURITY | 2
Agenda
• Why do you need disability insurance?
• How does it work?
• What are the options?
• SOLO Disability Income features
• Examples
• How can you buy it?
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Whether it's…
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mortgage or rent
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groceries
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car payments
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daycare
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tuition fees
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Or any other expenses…
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We all have bills to pay… every month…
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And if suddenly,
you were unable to work and earn an income
What would you do?
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What do you think your most valuable asset is?
Is it your property… your vehicle… your investments …something else?
Age $24,000 $36,000 $60,000 $120,000
25 $1.809,630 $2.714,445 $7.247,986 $14.495,973
30 $1.451,090 $2.176,635 $5.419,218 $10.838,437
35 $1.141,810 $1.712,715 $3.986,331 $7.972,662
40 $875,022 $1.312,534 $2.863,626 $5.727,252
45 $644,889 $967,333 $1.983,957 $3.967,914
50 $446,374 $669,561 $1.294,714 $2.589,428
55 $275,133 $412,700 $754,673 $1.509,347
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Everybody is millionaire!
Your income is a most valuable asset that you will acquire during your lifetime.
That is why :
Disability Insurance
= Basis of your financial security
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From the other perspective…
When you buy a car:You call immediately car insurer to protect it!
À L'USAGE EXCLUSIF DES CONSEILLERS 14/57
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From the other perspective…
When you buy a house:You call immediately home insurer to protect it!
À L'USAGE EXCLUSIF DES CONSEILLERS 15/57
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From the other perspective…
When you buy stainless steel appliances:You will probably insure them if something goes wrong.
À L'USAGE EXCLUSIF DES CONSEILLERS 16/57
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From the other perspective…
But when you earn your salary and have no disability protection to protect it, do you buy disability insurance right away?
Disability Insurance
= Basis of your financial security
If you have no income, will you have enough money to pay your house, your car, your appliances, your other insurances if disabled?
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Reality in case of illness or accident
Revenues
Expenses
Disability
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How long could you live off your savings?
If you save for:
5 % of your income
10 % of your
income
15 % of your
income
2 years 1 ½ months 3 months 4 ½ months
5 years 3 ½ months 7 ½ months 11 months
10 years 7 ½ months1 year et 3
months1 year et 10
months
A long-term disability (90 days & +) can be bad for your financial security!
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Probability of becoming disabled before age 65 and average duration of
disability for 90 days or more
Age Probability Average duration
25 40% 2 years and 2 months
30 39% 2 years and 8 months
35 37% 3 years and 1 month
40 34% 3 years and 6 months
45 31% 3 years and 11 months
50 26% 4 years and 2 months
55 21% 4 years and 5 months
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How does disability insurance work?
It pays you a monthly benefit:
…to replace your income
…when you are not able to work
…due to an illness or accident
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Main components
1. Monthly benefit
2. Waiting period
3. Benefit period
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Options
• Regular occupation period
• 2-year
• 5-year
• Up to 65 years
• Residual or partial disability
• Cost of living
• Future insurability option
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SOLO Disability Income unique features
1 • 1st day in case of hospitalization or day surgery(For waiting periods of 90 days and less)
No
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SOLO Disability Income unique features
2 • 1st $1,200 guaranteed• No integration and no
coordination apply for the first 36 monthsNo
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SOLO Disability Income unique features
3 5 x your monthly benefit if you are diagnosed with 1 of the 25critical illnesses• Disabled or not• Paid on top of your benefitNo
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Covered critical illnesses
• Cancer• Heart attack• Stroke• Coronary Artery Bypass Surgery• Multiple sclerosis• Parkinson• Paralysis• Kidney failure• …
Total: 25 illnesses!
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SOLO Disability Income unique features
4 • An extra 5% paid on top of the benefit starting on the 13th month of your disability income payment (in a DFS savings account)
If $2,000 benefit, it means an extra of $100!
No
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SOLO Disability Income unique features
5 • 5 x the monthly benefit in case of death(Paid if the death occurs while receiving disability benefits)
No
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SOLO Disability Income unique features
• Regular occupation period
• Residual or partial disability
• Cost of living
• Future insurability option
• Return of premium: up to 50%
Furthermore,
you could add
those
options:
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Which job would you choose?
Job A
• $33,000 per year• $0 if you become disabled
Job B• $32,000 per year• 90% of your net income up to age 65 if you become
disabled
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How much does it cost?
Classification 120 daysUp to age 65
2A $1,850/month
Age 25 30 35 40 45 50 55
Female $67 $80 $95 $125 $171 $213 $233
Male $53 $63 $78 $106 $151 $196 $225
• PLUS Future insurability option $1,000
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Next steps
Monthly benefitAge
18 to 45 years 46 to 55 years
$0 to $2,000 1 1
$2,001 to $3,999 1 2
1. Medical questionnaire
2. Medical questionnaire, nurse visit, urine test
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Thank you!