What would happen if you couldn’t go to work tomorrow because of a critical illness or injury?
One of your first calls would be to your human resources department and your insurance advisor to begin the disability claims. Unfortunately, some people are surprised to find out too late that they don’t have enough income after suffering a disability or critical illness.
Instead of waiting until after the unexpected has occurred, it’s important to clearly understand the disability income coverage you have in place today.
Make the phone calls now.
Contact your employer to find out how much sick leave you have and the exact coverage, definitions and timelines included in your group employee benefits. Next, call your personal insurance advisors to figure out exactly how your policies work.
What might happen to you?
Start to think about scenarios that might happen to you that would keep you from working. Seriously consider, if you are disabled tomorrow, what would happen from a financial point of view.
Do the math.
Knowing all of your financial obligations, if you should suffer a disability or critical illness tomorrow, would the coverage you have today provide enough income to adequately cover your expenses?
There are several types of policies you might want to consider over and above your group employee benefit plan. For example, you could buy personal disability insurance, critical illness coverage, accidental or dismemberment insurance or fracture insurance.
Implement products now to protect yourself and those you care about before an unexpected illness or disability occurs in the future.
What if you need to miss work to care for a loved one who is critically ill or injured? You may be eligible for Canadian Employment Insurance. Read more about collecting caregiver Employment Insurance benefits.