1 Individual Income Protection When you protect your income, you protect what matters most.
2 What s your most valuable asset? You may think that your home, car, or investment account is the most valuable thing you own. But we believe that your most valuable asset is your ability to make a living. Without it, you wouldn t be able to enjoy all the things that make your lifestyle possible. Can you put a price on this? The chart below measures your earning potential over time. Your health is your wealth Based on your current annual income, these are your potential earnings to age 65, assuming a 5% increase each year. At age $24,000 $36,000 $48,000 $60,000 $72,000 $84,000 $96,000 $120,000 $180, ,899,195 2,738,281 2,585,029 2,439,075 2,300,072 4,348,792 4,107,421 3,877,544 3,658,613 3,450,108 5,798,389 5,476,561 5,170,058 4,878,151 4,600,143 7,247,986 6,845,701 6,462,573 6,097,688 5,750,179 8,697,584 8,214,842 7,755,087 7,317,226 6,900,215 10,147,181 9,583,981 9,047,602 8,536,764 8,050,251 11,596,778 10,953,122 10,340,116 9,756,301 9,200,287 14,495,973 13,691,403 12,925,146 12,195,377 11,500,359 21,743,960 20,537,105 19,387,719 18,293,065 17,250, ,167,687 2,041,607 1,921,531 1,807,172 1,698,259 3,251,531 3,062,411 2,882,296 2,710,758 2,547,388 4,335,375 4,083,214 3,843,061 3,614,344 3,396,518 5,419,218 5,104,018 4,803,826 4,517,930 4,245,647 6,503,062 6,124,821 5,764,592 5,421,516 5,094,777 7,586,906 7,145,625 6,725,357 6,325,102 5,943,906 8,670,750 8,166,428 7,686,122 7,228,688 6,793,036 10,838,437 10,208,036 9,607,653 9,035,860 8,491,295 16,257,656 15,312,053 14,411,479 13,553,790 12,736, ,594,532 1,495,745 1,401,662 1,312,059 1,226,723 2,391,799 2,243,618 2,102,493 1,968,089 1,840,084 3,189,065 2,991,490 2,803,324 2,624,118 2,453,446 3,986,331 3,739,363 3,504,155 3,280,148 3,066,807 4,783,597 4,487,235 4,204,986 3,936,177 3,680,169 5,580,863 5,235,108 4,905,817 4,592,207 4,239,530 6,378,129 5,982,980 5,606,648 5,248,236 4,906,892 7,972,662 7,478,726 7,008,310 6,560,296 6,133,615 11,958,993 11,218,089 10,512,465 9,840,443 9,200, ,145,450 1,068, , , ,262 1,718,176 1,602,072 1,491,497 1,386,188 1,285,893 2,290,901 2,136,096 1,988,663 1,848,250 1,714,524 2,863,626 2,670,120 2,485,829 2,310,313 2,143,155 3,436,351 3,204,144 2,982,994 2,772,375 2,571,786 4,009,076 3,738,168 3,480,160 3,324,438 3,000,417 4,581,801 4,272,192 3,977,326 3,696,501 3,429,048 5,727,252 5,340,240 4,971,658 4,620,626 4,286,311 8,590,878 8,010,360 7,457,486 6,930,939 6,429, , , , , ,780 1,190,374 1,099,404 1,012, , ,670 1,587,166 1,465,872 1,350,354 1,240,338 1,135,560 1,983,957 1,832,340 1,687,943 1,550,422 1,419,450 2,380,749 2,198,808 2,025,532 1,860,506 1,703,339 2,777,540 2,565,276 2,363,120 2,170,591 1,987,229 3,174,332 2,931,744 2,700,709 2,480,675 2,771,119 3,967,915 3,664,681 3,375,887 3,100,844 2,838,900 5,951,872 5,497,021 5,063,830 4,651,266 4,258, , , , , , , , , , , , ,804 1,035, , , , , ,739 1,294,714 1,175,918 1,062, , , ,674 1,553,657 1,411,102 1,275,335 1,146,033 1,022, ,608 1,812,599 1,646,285 1,487,891 1,337,039 1,193,370 1,056,543 2,071,542 1,881,469 1,700,446 1,528,044 1,363,852 1,207,478 2,589,428 2,351,838 2,125,558 1,910,056 1,704,815 1,509,348 3,884,142 3,527,754 3,188,337 2,865,083 2,557,222 2,264,021
3 What are the odds? Naturally, we all like to assume that nothing serious will ever happen to us, or interfere with our most valuable asset: the ability to earn a living. But the fact is that things can happen to anyone, and the statistics tell the real story: A 35-year-old has a 50% chance of a disability lasting 90 days or longer. 1 1 in 4 Canadians will contract heart disease. 2 Of those diagnosed with heart disease, 1 in 2 are under the age of Here, at various ages, are the chances of incurring a 90 day or greater total disability prior to age 65. PROBABILITY OF 90 DAY DISABILITY PRIOR TO AGE 65 58% 54% 50% 45% 40% What are the time frames? If your disability lasts longer than 90 days, the average length will be: 1 Age Duration Age Duration years years years years years years years years Imagine the ramifications of being disabled and without earnings for more than three years. No matter how successful your career had been to that point, your living expenses and other financial obligations might quickly exhaust your savings and jeopardize the very assets you d worked so hard to build. 33% 23% CURRENT AGE Commissioners Individual Disability Table A. 2 Heart and Stroke Foundation What are you protecting? odds of long term disability vs. death* You may have several insurance policies, and each one protects something different: your life, home, car, or valuables. But none of these would help if you became disabled. Disability insurance is designed to provide income if you sustain a serious illness or injury. It allows you and your family to maintain your lifestyle during a difficult period. 2.7 to to to to to 1 How likely are you to suffer a long term disability that lasts more than 90 days? Surprisingly, the statistics show that you re more likely to become disabled than to die prematurely. AGE Disability Death * Society of Actuaries, 1980 and 1985.
4 Long term disability: financial consequences There s less money coming in and more going out. It s a dangerous situation. Your income plummets while you can t work, yet your expenses are growing. In addition to your regular costs of living, you must also cover medical expenses and other bills related to your disability. Healthy (working) disabled (not working) INCOME SAVINGS DEBT A disability can be financially draining over the long haul. Consider how much money you d lose if you couldn t earn an income because of a disability that lasted until you were 65. EXPENSES Options for replacing lost income There really aren t many ways to replace the income you d lose if you became disabled. This table presents a few ideas, observations, and key questions raised by each option. How comfortable would you be with any of these? OPTIONS Savings Non-liquid assets Loans Other household sources of income Canada/Quebec Pension Plan Disability Benefit Group Long-Term Disability Insurance Individual Disability Insurance OBSERVATIONS It takes a long time to build up a significant savings reserve. Some have value beyond their monetary worth. Borrowing isn t always easy or possible. Your spouse s income will have to suffice. To qualify, you must sustain a severe and indefinite mental or physical disability and be unable to work at any occupation. A good start, but if you re highly compensated, it may not cover enough of your income. A sensible option that gives you the control, peace of mind and comprehensive protection you and your family deserve. Questions How quickly would your savings be depleted if you had to live off them? Would you get full value for them? Could you ever replace them? Would you qualify? How and when could you pay back a loan? What about the emotional burden? Could you maintain your family s lifestyle? Would you be among the applicants who never collect a cent? Will your policy replace enough income, and for a long time period, to ensure your lifestyle? For more information, please visit Take a moment to consider You may be one of the millions of working Canadians with little or no income protection who qualify for disability income insurance. This is an important plan to consider, since it can protect your income if an illness or injury takes you out of the workforce. This protection is the best way to ensure that your expenses will be met, without jeopardizing your family s financial security. Getting started is simple. Simply contact an RBC Insurance representative for details about this or any of our products and services.
5 What would it take to replace your lost earnings? Fill in the blanks to estimate the costs you d have to cover if you became disabled. Expenses Worksheet Mortgage or Rent $ How would you replace lost income? Group coverage? Even if you have group benefits, they may not be adequate over the long term. Many group plans may only replace about half of your net income. Would that be enough? Your savings? You could save 5% of your income every year for 10 years. But those savings could quickly become depleted after only one year of having a disability. What would you do after that? Spouse or family? Would one income be enough to cover the expenses previously covered by two wage earners? Could your spouse (or supporting family member) continue to earn as much money while juggling the responsibilities of their job, running a home, and caring for you? Property Taxes $ Property Insurance $ Food $ Clothing $ Utilities $ Medical Expenses $ Credit Payments $ Auto Expenses $ Auto Insurance $ Home Maintenance $ Life Insurance $ Educational Expenses $ Retirement Savings $ Miscellaneous $ Borrowing? Getting a loan isn t always easy or possible. Would you qualify? How and when could you repay a loan? TOTAL (Monthly income needed) $ The Solution: Individual Income Protection This is the sensible option that gives you the control, peace of mind, and comprehensive protection you and your family deserve. To learn more, speak with your insurance advisor today.
6 About RBC Insurance RBC Insurance, through its operating entities, provides a wide range of travel, life, health, home, auto, wealth, and reinsurance products and solutions, as well as creditor and business insurance services, to individual and group clients. RBC Insurance has more than five million clients in Canada, the U.S., and internationally. We are the largest Canadian bank-owned insurance group of companies and among the fastest growing insurance organizations in the country. We have a significant presence in life and health markets with offerings that include various life, critical illness, disability, and long-term care insurance solutions, as well as group benefits. Our wealth management solutions include segregated funds and payout annuities. For more information, please visit Underwritten by RBC Life Insurance Company / Trademark(s) of Royal Bank of Canada. Used under licence. VPS (03/2012)
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