1-888-451-6133 [email protected]

Ask the average Canadian what their most valuable asset is, and if you are a homeowner, you would likely say your principal residence.  While that is likely true when it comes to something tangible you can buy or sell, it is far from your most valuable asset.

 

Your ability to earn an income is your most important asset.

This chart illustrates your total earning potential until age 65 based on your annual income and current age. When illustrated this way, you can grasp the significance of how valuable you are.

 

Your Earning Potential by age 65:

Annual Income At Age 25 At Age 35 At Age 45
$35,000 $2,359,089 $1,536,595 $894,063
$50,000 $3,370,128 $2,195,135 $1,277,233
$65,000 $4,381,166 $2,853,676 $1,660,403
$90,000 $6,066,230 $3,951,243 $2,299,019
$120,000 $8,088,306 $5,268,324 $3,065,359
$150,000 $10,110,383 $6,585,405 $3,831,699
Assumes an annual increase of 2.5%

Now, if due to a prolonged illness or injury you are unable to work, would it make sense to insure your ability to earn an income?

52% of Canadians do not have any coverage through an employer and of the 48% who have a group insurance plan, is that coverage enough to cover your monthly expenses?

 

Scenarios to consider purchasing individually owned Disability Insurance:

  • Uncomfortable with the “definition” of disability of your group plan or the fact that your employer is the owner of the plan and can change or cancel it at any time
  • A business owner who relies on uninsured income sources like corporate profits and dividends
  • Have group coverage, however, are unable to insure the necessary amount of income due to plan limits

 

There are 3 options available depending on your situation:

  1. Purchase an individually owned plan that will cover the majority of your lost income (can be personal or business income)
  2. Purchase an individually owned plan as a top-up for the shortfall of your group coverage (the higher your income the more likely this scenario will come into play)
  3. Purchase an individually owned plan as an offset to your group coverage that can be relied upon should your group coverage end for any number of reasons (premium discounts available)

 

Group Top-Up Using Individually Owned Disability Insurance:

Group Top-Up Using Individually Owned Disability Insurance:

 

No Insurance or Group Offset:

No Insurance or Group Offset:

 
 
 
 
 
 
If interested in learning more,
Don’t hesitate to reach out to us today.
CFS Wealth 1-888-451-6133 or fill out our contact form.
Let’s make sense of it all!
 
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CFS Wealth Management works with Canada’s most trusted financial institutions.
About Us

Confidently invest in your future with CFS Wealth Management. We bring together a team of experts professionals, who each provide a unique and proven approach. At CFS Wealth Management Inc. we proudly offer proven financial strategies to create, build, protect and transfer your wealth.

Products
Head Office
22 Kaia Crt
Maple, ON
L6A 4T9

Monday-Friday: 9AM-5PM
Tel: 1.888.451.6133
Email: [email protected]

Secondary
9980 Dufferin St.
Box 20011
Maple ON
L6A4M4

Questions?
Contact us today and begin the process of unlocking your former employer pension plan today!
About Us

Confidently invest in your future with CFS Wealth Management. We bring together a team of experts professionals, who each provide a unique and proven approach. At CFS Wealth Management Inc. we proudly offer proven financial strategies to create, build, protect and transfer your wealth.

Head Office
22 Kaia Crt
Maple, ON
L6A 4T9

Secondary
9980 Dufferin St.
Box 20011
Maple ON
L6A4M4

Tel: 1.888.451.6133
Fax: 1.866.410.2675
Email: [email protected]

Mon-Fri: 8AM - 6PM

Questions?
Contact us today and begin the process of unlocking your former employer pension plan today!
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