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Estate News --- Observations of a Trust and Probate Attorney

Tuesday, November 8, 2016

Adding Disability Insurance to Your Estate Planning in Ontario

Adding Disability Insurance to Your Estate Planning in Ontario

Estate planning lawyers in Ontario are typically tasked with the job of helping clients determine what to do with their assets after death.  There are other important aspects to estate planning, however, and one that can be overlooked is the need for disability insurance.  Those who are in good health and looking forward to retirement in the next decade or so often do not see the wisdom in their estate planning lawyer’s recommendation for disability insurance.

Peak Earning

Keep in mind, though, that when you are in your 50s and 60s, you are likely at your peak earning point.  You have probably worked your way up and are far beyond the entry-level position you were so excited to get when you started your career.  True, you also hopefully have less debt than you did in the past, but there are still plenty of financial obligations eating into your paycheck.

What happens when you unexpectedly fall ill or are somehow injured and can not return to work for a period of time (or at all)?  Is your savings and spouse’s income going to be enough to keep the forward momentum you have been creating all these years?  How will you keep up with your monthly expenses, including saving for the retirement you deserve?

Disability Insurance Considerations

If you realize that disability insurance is the safety net you need, your Ontario will and trust lawyer can help you determine the best way to purchase it.  For many people, that means going through your employer.  Employers will often provide a group policy that does not require you to go through the medical underwriting process.  There is a good chance that this is going to be the most inexpensive way to purchase a policy.

On the other hand, you may realize that your employer’s policy doesn’t offer as much insurance as you’re likely to need.  A will and trust lawyer in Ontario will probably recommend that you start by look for a policy that replaces 60-70% of your current salary, but this may not cover your actual needs.  In that case, you will want to purchase supplemental coverage.  Again, this may be available through your employer at a better rate than buying it commercially.

Your health and other factors can also affect the cost and the coverage for which you are eligible.  Many policies come with the caveat that the terms can be changed by the provider over time or that they can refuse to allow you to renew your policy based on their criteria.  You may need to do some research with your Ontario estate planning lawyer to find a policy that includes terms that make you comfortable and protect you for the duration of the relationship.

For help choosing a disability policy that is right for you, we encourage you to contact our Ontario planning and elder law firm at 989-985-5522 or bha@bristolhaynes.com and ask to schedule a strategic planning session with the mention of this article.


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Brock, Robinson & Associates assists clients with Estate Planning, Wills, Trusts, Special Needs Planning, Pet Trusts, Probate & Estate Administration, and Family Business Preservation in Chino, California as well as Chino Hills, Inland Empire, Pomona, Rancho Cucamonga, Ontario, Montclair, Diamond Bar, West Covina, Covina, Glendora, San Dimas, La Verne, Claremont Fontana, Riverside, Colton, Corona, San Bernardino, Redlands, Orange, Brea, Yorba Linda, Fullerton, Hacienda Heights, Eastvale, Norco, Mira Loma, Alta Loma, Upland, Rialto, Highland, Loma Linda and Grand Terrace in San Bernardino County, Los Angeles County and Orange County.



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