A plan that works when you can’t. You’re a millionaire in the making.
If you’re 40 years old, earning an annual income of $200,000 today, you could earn $8,780,541 over the next 30 years. Disability insurance can be that plan that works when you can’t.
The sky’s the limit
Success in your profession didn’t happen overnight. It required hard work, passion and a drive towards excellence. Now, there’s no telling how high your income could soar.
You earn an income worth protecting
Have you considered your most valuable asset is actually you?
Your lifestyle and plans for the future depend on income you generate with your specific skills, knowledge and expertise. The time to insure your most valuable asset is now.
Mike is 30 years old. He’s starting his career as a physician and is currently making $90,000 per year. He’s hoping to retire when he’s 65 and decides to talk to his advisor about planning for his future.
Mike is on track to earn almost $5 million over the course of his career. His advisor points out Mike’s future financial goals depend on his ability to keep working. Every year of missed earnings may put these goals increasingly at risk. For example, if at age 40 a disability stopped him from working, he would have earned only $1 million as a physician – meaning he could miss out on almost $4 million in potential earnings. Mike is uncomfortable with this level of risk, knowing he has a wife and new baby. He decides to purchase disability insurance to help protect his family’s quality of life.
How much are you worth?
Consider how much you could earn over the rest of your working lifetime (to age 65) based on your current income and age.
What would happen if an accident or illness kept you from working?
Properly insuring your high earnings lays the groundwork for you to continue meeting your financial goals and to maintain your lifestyle, even if a disability prevents you from working.
One in four people will be disabled for 90 days or longer at least once before they turn 65.1
- Would your high level of earnings continue?
- Could you maintain your lifestyle?
- Could you continue to meet debt obligations?
1 Source: Calculations prepared by Great-West Life using a blend of occupation classes, genders and age ranges based on data obtained from the Society of Actuaries – Individual Disability Experience Committee (IDEC), 2012 IDEC Claim Incidence Rate Table.
Keep your earnings uninterrupted
Disability insurance is a plan that works when you can’t. If an accident or illness prevents you from working, disability insurance provides monthly income to help pay ongoing expenses. It can replace a per cent of your earnings – short term or long term.
Common causes of claims
More than three-quarters of active claims are due to:
- Injuries such as fractures, dislocations or sprains
- Cancer 2
2 Based on Great-West Life disability insurance active claims at Dec. 31, 2013
Personalized disability insurance coverage that fits your budget
The cost of disability insurance is based on the extent you customize it to suit your personal circumstances.
- Premium for personal coverage typically ranges from one to nine per cent of gross earnings.
Individual disability insurance can offer guaranteed level rates until at least age 65, unless you adjust your coverage.
Protect your future millions with disability insurance from Great-West Life. It works even when you can’t. Call me at 519-860-4223