Canadian Personal Finance Blog

For someone like me, who is the single bread winner in the family, with a wife and four kids (and being over 40 and still in debt), I think, it is essential that I carry some kind of disability insurance some catastrophic health event occurs, or some terrible accident that will not allow me to earn an income. I pay through the nose for this insurance due to my increasing age, but it is important to have this kind of insurance (IMHO). Just how much do I pay for it? Almost $1000.00 a year, I think, but for now, I have no other choice, unless I want to live on the “razor’s edge” and HOPE nothing happens (yes I am a man of faith, however, I think it is fool hardy to assume that HOPE is enough to protect your family in financial matters).

When will I stop getting this kind of insurance? Not ’til I retire, or I am financially set, which would mean, no debts AND enough money in the bank to allow my wife to live a good life without me working or being around.

Don’t confuse this with Life Insurance, which is also important, this insurance will make sure you are taken care of while you still live, but are disabled (God forbid). –C8j