Q. At age 35, what percentage of Canadian men will be disabled for a period of 90 days or longer before the age of 65?

The correct answer is:

37%

 

It's 37% according to publications 1985 Commissioner's Individual Disability Table and CIA 86-92 Aggregate Mortality Table. That means the odds of suffering a long term disability (LTD) is about 1 in 3.

 

Do I need long term disability?

 

Your chance of becoming disabled is significantly higher than dying! Long term disability (LTD) insurance protects your income against the sudden loss that an accident or illness can bring. If you are unable to work, LTD benefits help replace a portion of your salary.

 

Tip of the week:

 

If you only have EI (Employment Insurance), you are only covered for short-term disabilities (less than 120 days).  Because the odds are that a disability will continue beyond 3-4 months, you can obtain a disability plan that starts when EI runs out.  It is also vital that the disability plan cover both accidents and sickness.  "Cheap" plans tend to only cover accidents!

 

Next page >

 

Go to question #3.

 

 

 

Click a link below to jump to another related article:

 

Learn more about life insurance.

 

Learn more about critical illness insurance.

 

Learn more about disability insurance.