What do you do when the money-making machine breaks?

Dawn Luhning |

Imagine this.

You have the opportunity to get a money-making machine. All is legal and above board for the purposes of this story.

For months, maybe even years, you print money from this machine and live your life the way you've always wanted to live it. Providing for your family by saving for education, going on vacations, and the day-to-day bills are all covered by the money-making machine. No worries in the world!

Then suddenly, without any notice at all, the machine breaks. It doesn't print money anymore and getting parts for the machine is proving to be a long and drawn out process. Bills are piling up and there's no money. Oh and you forgot to buy the warranty to protect the machine from these kinds of breaks. Now what?


Let's just change the story a bit. Image that the money-making machine is YOU. 

If you have a job or career, YOU are the money-making machine. Did you buy the 'warranty' to protect the money-making machine?

Interestingly enough, not many working Canadians do have the warranty to protect THEIR INCOME or their money-making machine from an injury or illness. The warranty is disability coverage.

We all seem to have home insurance and car insurance and we don't hesitate to run out and buy that coverage every year, no questions asked. "Well I have to have it!" therefore you pay a premium to have it. Problem solved!

How many of you have disability coverage that protects YOUR income (your money-making machine) when you are injured or sick? Some have disability through a group plan but I often run into the situation where the person doesn't even know how it will pay him/her if he/she goes off sick or injured. And taking the premise that it will "never happen to me" is just silly when you have a family to support. Let's go back to the money-making machine for a minute...

That money-making machine in the first part of the story is supporting you and your family. Why question, paying a premium to protect the only thing that does support you and your family? Your income, your ability to work is what is providing you and your family your quality of life.

Here is an example:

35 year old, earning $65000/year, has an earning potential of $1,950,000 over 30 years, until retirement at 65. Why wouldn't you insure that income??

Having disability coverage to protect your money-making machine and your earning potential is just common sense. Book now to get a quote or to review your group plan and determine where you need to fill a hole in your coverage. 

Your money-making machine (and your family) will thank you...