How much should I be investing in insurance?

How much income you’ll need to support your lifestyle in the event of a disability doesn’t really change too much from what you need today. So first, you need to calculate how your current costs of living and the monthly income you and your family may rely on to make ends meet.

As a guideline, we recommend you set aside 4-5% of your income each month to pay the premiums required for the coverage you need to properly provide you and your family with comprehensive protection. Having a comprehensive benefit plan is about more than just disability income replacement, however. The risks of experiencing and injury or illness increase as you age. It’s important to have additional protection for special risks such as a critical illness, catastrophic accident, medical emergency while out of your home province, or premature death. Speak with a licensed advisor to discuss your financial situation to craft a custom plan suited to your needs and budget.