Income Protection

We build fulfilling careers that help build the lifestyle we desire. But what happens if, for some reason, you are unable to work due to illness or injury?

Why Income Protection Matters

If you are unable to work, your income is not guaranteed, whether self-employed or employed by a company. It is important to be prepared for those circumstances.

In many cases, group coverage is not enough, and creditor insurance isn’t always sufficient. We will do a complimentary review of your current group plan and personal protection and provide a comprehensive needs analysis.

Who Benefits From Income Protection?

Income protection is especially important if you:

  • Have dependents relying on your income
  • Are self-employed without group coverage
  • Have limited emergency savings
  • Carry significant debt (mortgage, loans)
  • Have group coverage with gaps or limitations
  • Want peace of mind for your family’s security

Types Of Income Protection

Disability Insurance
Replaces a portion of your income if illness or injury prevents you from working. Available as short-term or long-term coverage, ensuring you can maintain your lifestyle and meet financial obligations during recovery.
Critical Illness Insurance
Provides a lump-sum payment if you’re diagnosed with a covered critical illness such as cancer, heart attack, or stroke. This payment can cover medical expenses, mortgage payments, or other costs while you focus on recovery. Some policies can also be used as a safety-net strategy, offering a return of premiums if no claim is made.
Life Insurance
Ensures your family’s financial security if you pass away unexpectedly. Proceeds can replace lost income, pay off debts, fund education, or provide ongoing support for loved ones who depend on your income.

Understanding Coverage Gaps

Many Canadians assume their employer group plan provides adequate protection. However, group coverage often:

  • Covers only 60-70% of income
  • Has benefit caps or time limits
  • Ends if you change jobs
  • May not include critical illness coverage
  • Doesn’t account for personal financial obligations

A personalized review helps identify where additional coverage may be needed.

How We Help You Protect Your Income

  1. Assess Your Current Coverage – We review existing group benefits and personal insurance to understand what’s in place.
  2. Analyze Your Needs – We evaluate your income, obligations, dependents, and financial goals to determine appropriate coverage levels.
  3. Explore Your Options – Through Hub Financial’s extensive carrier network, we present solutions suited to your situation and budget.
  4. Implement Your Protection – We guide you through the application and ensure your coverage is in place and properly structured.