Disability Insurance

Your greatest asset is the ability to earn an income. Protect that asset with a disability insurance policy from GTA Wealth Management.

Disability Insurance

Your greatest asset is the ability to earn an income. Protect that asset with a disability insurance policy from GTA Wealth Management.

Many financial advisors will state that your greatest asset is to earn an income. This asset could be destroyed if you become disabled. You should ask yourself some questions to determine how your ability to earn an income and financial future could be affected by a sudden accident that negatively impacts you ability to earn an income.

Quick Facts about Disability Insurance

  • Disability income protection will provide a monthly cash flow if you can not perform your duties of your current occupation.
  • Monthly cash flow can be provided for 2 years, 5 years or to age 65.
  • If you do not make a disability insurance claim, you can have a portion of the premiums paid returned to you.
  • Your own disability insurance coverage is portable. Unlike disability insurance coverage with your employer that is only available while you work with your employer, your own disability insurance coverage stays with you regardless of where you work.
  • Your disability insurance monthly payments are flexible. You can tailor your disability insurance coverage to meet your budget.

Pertinent Questions Regarding Disability Insurance

How long could you maintain your standard of living if you became disabled? Do you have sufficient savings to pay for living expenses or do you need your income to survive?

Does your spouse and children depend on you financially? Can your spouse provide sufficient income for the family if you become disabled?

When do you want to retire? If you become disabled you may have to use your retirement savings to survive. This will decrease the amount of retirement income you will have available.

Will you be able to borrow money if you become disabled? The bank will not be too enthusiastic about lending you money if you are not working.

Do you already have disability insurance? Perhaps you have disability insurance with work; however, is this sufficient coverage? Some clients have stated that they have disability insurance with the bank. However, the bank is the beneficiary of the disability insurance payments if you get injured. The benefit payments go toward the loan payments. You don’t receive any of the disability insurance benefits. In addition, there is usually a maximum amount of disability insurance benefits that will be paid. Usually, the disability insurance benefits stop when the loan is paid. Is this sufficient income to just have your mortgage paid? Probably not! The other thing is that if you are able to perform ANY occupation, not your OWN occupation, the bank will stop making payments.

The availability and cost of disability insurance is determined by a number of criteria:

  • Probability of becoming disabled
  • The definition of disability
  • The type of disability insurance policy
  • The disability insurance policy benefits

If you have your own disability insurance policy, you can tailor the policy to your needs and be confident that you will be properly covered in the case of an accident.

The taxation of your disability insurance policy can be tricky; Financial advisors at GTA Wealth Management Inc. can provide you with professional advice so you can set up your disability insurance policy in a tax efficient manner. GTA Wealth Management Inc. is the one stop solution for all your financial services and wealth management needs.

Key Benefits of GTA Wealth Disability Insurance

  • Independent advice: GTA Wealth can access multiple insurance companies to ensure you receive the best solution for your needs. Our financial advisors do not work for an insurance company; therefore, there is no requirement to patronize only one company.
  • Low cost: Your financial advisor will search for the best value to meet your insurance needs. Multiple insurance company’s solutions can be reviewed so you get the best value.
  • Flexible: If you are denied coverage from by one insurance company, your GTA Wealth financial advisor can apply to another insurance company.

Protect your ability to earn an income now with a disability insurance policy from GTA Wealth

Contact or call the financial advisors at GTA Wealth Management toll free at 1 855 GTA WLTH (855 482 9584) for your disability insurance needs and get the best insurance quotes. A professional wealth management financial advisor is ready to serve your personal tax return, planning and wealth management needs. GTA Wealth Management Inc. has three convenient locations in Mississauga, Toronto and Markham to serve you.

Insurance sales are conducted through Allen Wong & Associates (AWA), a Managing General Agency