Losing your mobility due to an unexpected accident connected to work or sport - that is the traditional explanation of the word 'disability' for most people. But the statistic tells us quite a different story: people are twice as much likely to be disabled due to a serious sickness such as cancer, diabetes or heart disease than to an accident.

Your chances of becoming disabled

People under 65 years of age are twice as much likely to become long-term disabled than to die due to accident or sickness. But of course the older is the person, the greater his/her chances of becoming disabled are:

* 3% of children younger than 14 years become disabled
* out of every 100 adolescents between 15 and 24 years, 4 are disabled
* out of every 100 adults between 25 - 44 years, 7 are disabled
* 17% of adults between 45 and 64 years become disabled
* 40% of adults of 65 years and older become disabled
* out of every 100 adults over 75 years, 53 are disabled

4.4 million of Canadian people (14%) are officially disabled at the moment.

What are the advantages of disability insurance?

Various kinds of insurance were created to correspond to the different needs and situations one might meet. Life insurance, for example, is offered to guarantee a sufficient cash coverage for those that are hit by the sudden loss not only emotionally, but also financially. In the opposite case, after someone becomes (totally) disabled, the first problem is his/her not being fit to keep earning a sufficient amount for themselves and the whole family. Moreover, there are even higher expenses connected to the extra medical and other care the person suddenly needs, which means even more of a financial issue for the family of the person who was once able to support him/herself and now needs specialized care. So we can see that a good disability insurance can help you sort out even more problems than a life insurance. Of course, as there are various kinds and definitions of disability, not all disabled people are unable to be employed in some way, but around 15% of people who have filed for bankruptcy have done this due to an illness or accident. As disabled, you are eligible to receive some government benefits, but they are very limited. The coverage group plans won’t level your present salary either: they mostly cover only 50% to 60% of your net income.

When thinking whether to sign up for disability insurance, consider your resources in case you become limited in earning a sufficient income.

You might choose to:

* place the confidence in your spouse/family
* rely on your savings or retirement funds
* sell your property or other assets
* live on credit
* be sufficiently covered by disability insurance that would supplement the missing income

It's up to you.