Do you have adequate disability insurance?

During this tax season, I get the opportunity to speak with almost all of my clients as we decide what their payroll will look like, and how they will take their money out of their company. An area of concern for both me and my clients is how well covered they are for disability.

Some clients have WCB (worker’s compensation) coverage in their business, but many people are not aware that WCB coverage is directly affected by how you take your money out of your company. If you truly want the WCB coverage, you need to plan your own personal income so that you qualify for your coverage. (Note that this article speaks about Alberta WCB only)

Whether you have WCB coverage or not, you need to ensure you are planning for a disability. What would you do if you got sick or if you were disabled for any reason? How you would meet your current debt and committments?

Disability insurance is important for most people, but it is especially important for a business owner. What is interesting about disability insurance is that you can also use it as an investment on your money, getting an invested rate of return when you are older. Many people think that only investments can give you a rate or return, but they don’t see that disability insurance can also do this for you.

If you do not have disability coverage, then I encourage you to give me a call so that we can discuss your options! By the way…we don’t sell it. This is not a sales pitch. I get nothing other than the personal satisfaction of knowing that my clients are covered.