Your income is your biggest asset - have you heard of paycheque insurance?
Your lifestyle is based on your income level. You and your family benefits from the lifestyle that income provides. It's often why I tell clients that their INCOME and not their home, or their cars or their investments, is their biggest asset.
What is your mortgage payment each month? Do you have a car payment? How would you pay these if you were off sick or injured from your job and your income wasn't coming into the household?
I often discuss disability or paycheque insurance and health insurance, such as critical illness and lifestyle protection with my clients when reviewing their defensive side of their financial plan. Some clients have some disability and health coverage through their group plans; some are self-employed and do not have coverage. Whatever the case may be, disability is an important part of a your plan and protects your paycheque from the unknown event of injury or illness.
Further, paycheque or disability insurance will pay between 67 and 75% of your income each month. Now, do you live on that percentage of your income or do you live on 100% of your income? Out of this paycheque insurance, you would make all of your regular monthly payments. You may be slightly short each month. Now what if I told you this...
What if I told you that I could offer you a product that would cover your payments each month OVER AND ABOVE your disability payment? I have such a product that would provide funds to you, to pay for your mortgage, your car payment, your line of credit payment, and others. If you have debt, you need to look at this product offered by Desjardins called Solo Loan Insurance.
I've written a blog before about the downfalls of creditor life insurance with your lender; you can include paycheque creditor insurance in the same category. You are ultimately paying for coverage that you have no control over and underwriting is done at the time of claim. Any pre-existing conditions may not be covered. Solo Loan Insurance doesn't have a pre-existing condition clause.
If you're interested in receiving a quote for this valuable coverage, I can do one for you by knowing what your monthly payments are. Book an appointment with me to discuss. Better yet, if you find you're in need of life, disability, and or critical illness coverage, you can also receive a discount on your premiums when purchasing multi-coverages.
Don't leave your income unprotected from injury or illness. Protect your paycheque and your debts today.