ailing the self-employed? what’s How health and disability insurance can help
The Self-Employment Challenge
Being your own boss has its perks. But without an employer’s group benefits, self-employment also means fending for yourself in case of illness or disability.
8 in 10 Canadians are concerned about the government’s ability to fund health care, the cost of longterm care, and having enough money if they become disabled or seriously ill. 2
Over two-thirds of surveyed self- employed individuals are concerned about their lack of access to medical coverage and insurance. 1
The Role of Insurance
Supplementary health and disability income insurance plans help protect against financial loss due to illnesses or accidents.
Why health insurance? Canadian families are spending an increasing share of their household income on health care. 3 Households in the 3 top income quintiles had an average: 4 • 39% increase in dental spending • 24% increase in prescription drug spending
Why disability insurance? • 1 in 3 people will be disabled for 90 days or more at least once before they reach age 65. 5 • 49% of bankruptcies and mortgage foreclosures are due to disability. 6 • A disability of over 90 days is likely to last three years or more for a 35-year-old man or woman, and four years or more for a 45-year-old man or woman. 7
Engineers Canada- Sponsored Insurance Plans
Exclusive to professional engineering, geoscience and technology association members and their families, at low rates not available to the general public.
Health & Dental Insurance covers both routine and unexpected medical expenses, such as: • Prescription drugs • Dental care • Eye exams and eyeglasses
Disability Income Replacement Insurance covers 6 types of disabilities and includes the following at no extra cost: • Compassionate care benefit • Automatic Cost of Living Adjustments • Waiver of premium
They’re more affordable than you think 1-877-598-2273 | manulife.com/APEGA/DI
1 Human Resources and Skills Development Canada: 2006 Survey of Self-Employed Individuals: Perceptions of Benefit Coverage, May 2006.
2 Canadians at Financial Risk: 2013 Canadian Life Insurance Ownership Study Highlights, LIMRA, 2013. 4 Statistics Canada: Trends in out-of-pocket health care expenditures in Canada, by household income, 1997 to 2009 (April 2014). 6 Get Sick, Get Out: The Medical Causes of Home Mortgage Foreclosures. Health Matrix: Journal of Law-Medicine, Vol. 18, No. 65, 2008.
3 Chaplin R, Earl L. Household spending on health care. Health Reports 2000; 12(1): 57-65. 5 Canada Life and Health Insurance Association, A guide to disability insurance, November 2012.
7 Disability Insurance: Where Will the Money Come From If You’re Disabled? Canadian Life and Health Insurance Association, January 2004. Underwritten by The Manufacturers Life Insurance Company. Manulife and the Block Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license. ©2015 The Manufacturers Life Insurance Company (Manulife). All rights reserved. Manulife, PO Box 4213, Stn A, Toronto, ON M5W 5M3.
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