Disability insurance: Test your knowledge!
Life is full of surprises. Some are nice, but some aren’t. Did you know that disability insurance can protect some of your income if you have an accident or get sick and can’t work?
How much do you know about disability insurance? Answer these 3 short questions to find out. You may be surprised by what you learn!
1- How many Canadians do you think will go on disability in their working years?
- 1 in 3
- 1 in 5
- 1 in 10
a. 1 in 3 Canadians1 will go on disability for more than 90 consecutive days in their working years. That’s surprisingly a lot of people, right?
2- What do you think insurance premiums are based on?
- Age
- Sex
- Insurance amount
- All of the above
a. 1 in 3 Canadians1 will go on disability for more than 90 consecutive days in their working years. That’s surprisingly a lot of people, right?
3- What do you think is the cause of nearly 30% of disability claims2?
- Heart attack recovery
- Anxiety
- Critical illnesses
- Accidents (while in a motor vehicle, at work or at home)
d. All of the above—that’s why it’s important to buy coverage when you’re younger, when the premiums will be lower. No surprise here.
Disability insurance is specifically designed to replace some of your income when you get sick or have an accident, so you can focus on getting better. That’s reassuring!
1. Source: Statistics Canada, Canadian Survey on Disability, 2012, and 1985 Disability Table
2. Source: Mental Health Commission of Canada, 2014.