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Testimonials

Mr. Ivon Hughes has provided me with outstanding service and counsel in helping to identify and obtain the appropriate type and amount of life insurance to suit my financial needs and family circumstances.
- T. Finkel, ON


I would just like to take this moment thank you for the exceptional service you have provided me and my husband. You have proven to be efficient and always available to deal with issues or answer question. Thank you once again.
- V. & R. Davis, ON

I can state that my association with Mr. Hughes and his company, Hughes Trustco, has been most satisfactory both as a supplier of services and as a client.
- J. Clark, PQ

I am pleased to say that 15 years later, my insurance needs are still met with the same interest and attention as they were in 1989!
- L. Riddell, PQ

More testimonials

DISABILITY INSURANCE ARTICLES

Disability Insurance Facts

Quick Facts About Disability Insurance

The sole purpose of individual disability insurance is to replace your after-tax income in the event of an accident or illness. These policies do not provide protection from medical expenses or recovery of damages for "pain and suffering".

Since the benefit payments are designed to be income tax-free, insurance coverage in the amount of 2/3 of your salary is roughly equivalent to your net take-home pay. This is usually the maximum amount of insurance that you can purchase.

Self Employment and Disability Insurance

If you are self-employed, you can only insure the amount of net income that you reported on your tax return, even though your actual earnings might be higher. In this case, you might want to supplement your insurance with "business overhead coverage" that does not depend on net income.

Expect the insurance policy to exclude or limit coverage for pre-existing conditions. If you have a bad knee, for example, expect that your policy might have a rider on claims due to knee injuries.

Most policies are issued for a term of five years of coverage have a 90 day waiting period before you can begin collecting a benefit.

Most policies integrate with government benefits so that the total amount of the benefit you collect will not exceed your net after-tax income.

Cost of Disability Insurance
Expect the premium cost to be about 2% of your salary if you have a "desk job" and about 4% of your salary if you work with your hands. Of course, this is a very rough guideline, and the actual cost will depend on a greater number of individual factors.

Find out how much it will cost to get a Disability Insurance Quote.

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Ivon T. Hughes, The Hughes Trustco Group Ltd.
Online Insurance Broker - Get a FREE Quote TODAY!
Tel: (514) 842-9001 Email: info@trustco.ca Web: http://www.trustco.ca
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