Accidents And Illnesses Are Facts Of Life. They Can Happen To Anyone - - PowerPoint PPT Presentation
Accidents And Illnesses Are Facts Of Life. They Can Happen To Anyone At Any Time. 1 Lets Consider The Following: What do you think your chances are of becoming disabled for 90 days or longer at least once prior to age 65? 1 in 3 The
Accidents And Illnesses Are Facts Of Life.
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They Can Happen To Anyone At Any Time.
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What do you think your chances are of becoming disabled for 90 days or longer at least once prior to age 65?
1 in 3
The average length of a disability which lasts over 90 days is?
2.9 years
Sources: 1985 Commissioner’s Disability Table A (Experience Table) & CIA 86-92 Aggregate Mortality Table.
It’s Like Your Future Is Hidden Behind One Of Three Doors.
Two of them lead to good health. The other leads to disability. Pick the wrong door and you lose. Are you willing to play those odds? Can you afford to let that happen?
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Of 1,000 Males Or Females, How Many Will Be Disabled For 90 Days Or More Before Age 65?
4 50 100 150 200 250 300 350 400 450 500 25 30 35 40 45 50 55 60
Age Number of People Male Female
Sources: 1985 Commissioner’s Disability Table A (Experience Table) & CIA 86-92 Aggregate Mortality Table.
In A Year What Are The Odds Between Death And A Disability That Lasts At Least 90 Days?
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1 1 1 1 4 6.9 9.5 12.2
2 4 6 8 10 12 14
Age 25 Age 35 Age 45 Age 55
Number of People Death Disability
Sources: 1985 Commissioner’s Disability Table A (Experience Table) & CIA 86-92 Aggregate Mortality Table.
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5,073,767 3,624,119 2,174,471 1,449,648 3,407,719 2,434,085 1,460,451 973,634 2,040,979 1,457,842 874,705 583,137
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 2,000 3,000 5,000 7,000 Current Monthly Income Income Potential Age 25 Age 35 Age 45
Assuming a 2% raise each year, these are your potential earnings up to age 65.
Which Job Would You Rather Have?
JOB A
u $35,000 income
while you are working.
u $0 if you are unable
to work. JOB B
u $34,000 income
while you are working.
u $24,000 tax-free if
you are disabled.
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If You Became Disabled Today, Could You Afford To:
u Pay your mortgage or your rent? u Buy food? u Pay your utilities? u Make car payments? u Make other loan payments?
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u Liquidate some or all of your assets? u Use your personal savings? u Surrender your RRSPs? u Apply for a personal loan? u Depend on your spouse’s income? u Borrow money from your family and friends?
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u Workers’ Compensation? u Employment Insurance? u Canada Pension Plan (CPP/QPP)? u Group Insurance or Association Plan? u Individual Disability Plan 10
Your Home? Your Vehicles? Other Assets?
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Your Ability To Earn An Income?
You Couldn’t Afford A Car If You Didn’t Have An Income…
¡
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You Couldn’t Make Payments On Your House
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In Fact, You Might Have To Part With Some Of Your Possessions If You Didn’t Have An Income...
Your Ability To Earn An Income
Is One Of Your Most Valuable Assets.
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