Top 5 Things Vancouver Healthcare Practitioners Need to Know About Disability Insurance
As a health care practitioner, you know first-hand the impact of being injured or ill and not being able to work.
You see it in your practice every day.
You also understand the importance of disability insurance because you know if you can't physically be at work, your pay cheque stops. But your bills keep coming.
I’m talking about doctors, dentists, physiotherapists, naturopaths, chiropractors and everybody that works hard to keep Canadians healthy and living a full life.
Here are the top 5 things you need to know about your disability insurance as a healthcare practitioner
1 - You need to know the definition of disability in your contract.
Not all definitions are the same and it's crucial you know yours.
Not all professions get access to the same level of disability insurance. As a healthcare practitioner you get some higher professional classifications so it’s important, you’re set up correctly.
2 - You need to know how long your benefits pay.
If you can't work indefinitely will your benefits stop after 2 years or 5 years or do, they continue to pay until retirement at age 65?
3 - You need to know the term length.
Does your cost of insurance go up every 10 years or does it stay level until retirement? How much will it go up by?
4 - You need to know the waiting period.
How long are you off work before the insurance company pays? Do you get a cheque after 30 days, 60 days, 90 days?
5 - Can you get more disability later when you're making more money?
Maybe you just got out of school, or you just started your practice and you’re not making a lot of money right now, but in a few years you’re going to be making a lot more and a few years after that even more.
Can your disability benefit grow and cover your income as your income and expenses grow?
What also kind of crazy is that most life insurance people don’t sell disability insurance. This is because disability insurance is more complicated to set up for us, it will get claimed more and there’s generally more moving parts and more work to do disability insurance.
Disability insurance is one of those things you need set up correctly at the beginning otherwise it can cause problems later.
So, you really need to set up your disability insurance with someone that does it all the time.
Like us we’re experienced, and we know how to set it up properly for each different type of profession, especially people in the healthcare field.
Contact Us
At Safe Pacific Financial, we specialize in helping Canadian business owners, incorporated professionals, and investors structure life insurance for maximum wealth protection, tax savings, and business growth.
If you would like to discuss whole life insurance or investments, we’re happy to chat and see if we can be a good fit to work with you. Fill out our contact form and we will get back to you within 24 hours on business days.
Related Insights
The Core Principles of the Infinite Banking Concept (IBC): A Canadian Perspective
Managing your finances in today’s world means more than just saving money—it’s about creating a system that gives you control over your wealth, both now...
The Rockefeller Strategy: How Whole Life Insurance Creates Generational Wealth in Canada
When people hear the name Rockefeller, they immediately think of massive, enduring wealth. Founded in 1870 by John D. Rockefeller, Standard Oil built one of...
Why Get an Infinite Banking Whole Life Policy for Your Kids?
Why Get an Infinite Banking Whole Life Policy for Your Kids? At Safe Pacific, we’re often asked by both parents and grandparents: “Why would I...
What is the Million Dollar Baby Plan and how does it work for Canadians
What is the Million Dollar Baby Plan and how does it work for Canadians? What if you could set up a secure, tax-free financial foundation...
Why Life Insurance is Essential for Business Owners
If you’re a business owner or a high-income incorporated professional, you know that managing risk and building financial stability are essential to your success. Life...
Episode 5 of the Infinite Banking Concept Series - Leaving a Legacy
Welcome to the fifth and final blog in our comprehensive series about the Infinite Banking Concept in Canada. Throughout these four previous blogs we’ve talked about...
Episode 3 of the Infinite Banking Concept Series - How Policy Loans work and what is the Adjusted Cost Basis?
Let’s look at a Whole Life Insurance Policy Illustration that's correctly set up for the Infinite Banking Concept. In this illustration with a Canadian life...
What is the Immediate Financing Arrangement?
Who is this for? We tell everyone that they shouldn’t set this up unless they want and need life insurance. If you have someone you...
Infinite Banking is a scam!
Is Infinite Banking as good as everyone says it is or are they scamming you? We’ll answer that today.
Should you Invest using Dollar Cost Averaging (DCA) or a Lump Sum?
So, what investment strategy is going to you the most money, dollar cost-averaging or a lump sum investment? I can’t see the future but based...
The Ten Commandments of Whole Life Insurance in Canada
Today's blog post is a reaction to this great article titled “The Ten Commandments of Whole Life Insurance”. Something that we like about this article...
The Waterfall Concept using Life Insurance (in Canada)
The “Rockefeller” Method, or the Waterfall Concept. One of the main things we have to preface this with is that in the United States, this...
