Nearly half of Canadian workers believe their chances of becoming disabled are slim, finds an RBC Insurance survey. But in reality, one-in-seven Canadians are currently disabled and one-in-three workers will experience a period of disability that lasts more than 90 days.
One of the reasons for the misconception could be that 72% of Canadians only consider a physical accident as something that could lead to a disability. But depression and anxiety can also lead to a disability.
“The research indicates that Canadians are overly optimistic about avoiding a disability and that lack of understanding reinforces the need for more education around this critical issue,” says Mark Hardy, senior manager, Life and Living Benefits, RBC Insurance.
If you do have clients with disabilities, there are various ways to help. In the January 2014 issue of Advisor’s Edge, Suzanne Sharma spoke to one advisor whose book consists mostly of these types of clients.
The federal government introduced the RDSP in 2008 and Ron Malis, an advisor at Independent Financial Concepts Group in Toronto, took note. “It wins two prizes. First, it’s the most generous registered savings plan ever offered by the government. Second, it’s also the most complex.”