Accident & Sickness

Protect Your Most Valuable Asset: Yourself

For most people, a steady job and a reliable source of income are the key building blocks for meeting their financial needs. But how well is that foundation protected? Consider the immense financial burden that would be placed on you and your family if you couldn't work because of a disability. It's a risk that should not be ignored when constructing a financial and estate plan.

A life insurance policy provides important coverage, but it does not safeguard you in the event that a disability prevents you from working. The stark reality is that without disability insurance, a serious illness or injury could create financial hardship for you and for your family.

Disability Insurance Provides Added Security

Typically, disability insurance will provide benefit income for the period you are prevented from working due to a disability caused by an accident or sickness. Payments begin after an elimination/waiting period – the time between the occurrence of the disability and when benefits begin and continue until recovery or the end of a designated benefit period. Disability insurance premium payments paid by the individual are not tax-deductible, although benefit payments are received tax-free.

Disability Insurance Benefits

Disability insurance may provide protection for the various aspects of your life including:

• Your family
  Maintain your current lifestyle through your recovery time and ensure that the basic needs of your family – protecting the ownership of your home, or paying for education.
• Your business
  Benefits can be used to keep your business going during your crucial recovery period.
• Your assets
  Preserves your investments by providing you with an alternative source of revenue.

Explore Your Options

Given the many disability insurance options available, it is important that you carefully weigh each alternative in light of your personal situation. A CIBC Wood Gundy Investment Advisor, in conjunction with an Estate Planning Specialist (Financial Security Advisor in Quebec), is an excellent resource to help you evaluate the benefits of including disability insurance as part of your long-term financial and estate plan. To find out how we can help you, use our Find An Advisor tool to locate a CIBC Wood Gundy Investment Advisor near you.

The information contained herein is considered accurate at the time of posting. CIBC and CIBC World Markets Inc. reserve the right to change any of it without prior notice. It is for general information purposes only.

Clients are advised to seek advice regarding their particular circumstances from their personal tax advisors.

Insurance services are available through CIBC Wood Gundy Financial Services Inc. In Quebec, insurance services are available through CIBC Wood Gundy Financial Services (Quebec) Inc.