You’ve planned ahead for your family or business by purchasing disability income replacement insurance, supplemented by critical illness coverage. That’s terrific—and may be all the coverage you need to be prepared for significant changes in health and ability.

Depending on other factors in your personal and business life, however, you may want to consider other coverage. If you have business or personal loans, a large line of credit or ongoing business expenses, you may want to purchase loan or business expense coverage.

The Canadian Health and Life Insurance Association encourages you to consider a few scenarios:

“When you can’t work, routine bills can quickly eat up your investments, RRSPs and even home equity. And if you miss quarterly income tax instalments, the Canada Revenue Agency can demand full payment plus interest after one year . . . and garnish your disability benefits. Finally, worried creditors can force you into receivership or bankruptcy.”

Do any of these areas raise red flags for you?

I’d like to sit down with you and take a careful look at the ongoing expenses, overhead costs and loans you have. Together, we can tailor a plan to make sure that, along with income replacement, you have the coverage you need to protect yourself, your family and your business partners.

Let’s talk about disability loan coverage and business expense coverage.