Chuck Groot Financial Consulting

Protect Your Income: The Essential Guide to Income Protection Insurance

Discover the factors influencing workplace injuries in Canada

37,024 disabling, fatal, and minor injuries during 2020 in Canada

37.9% disabling

4.9% fatal injuries

57.2% minor

Among provinces with over 100,000 workers, Manitoba continues to have the highest 5-year lost-time injury rate (2.67 per 100), followed by British Columbia (2.18 per 100), and Saskatchewan (2.02 per 100).

Income protection insurance offers you peace of mind and financial security when unexpected health issues or disability strikes. Don't let unforeseen circumstances leave you struggling to cover your living expenses. Here's why income protection insurance is crucial for everyone:

Safeguard Your Finances:

   Don't let an illness or injury jeopardize your financial stability. Count on income protection insurance to provide a portion of your income, ensuring you can still cover your mortgage, utilities, groceries, and more.

Tackle Health Uncertainties:

   Sudden illnesses or injuries shouldn't leave you drowning in medical expenses and struggling to make ends meet. Income protection insurance acts as a safety net, offering coverage for medical costs and daily living expenses.

Fill Emergency Fund Gaps:

   If you lack substantial savings to rely on during times of disability, income protection insurance bridges the gap between your expenses and available funds, protecting you from financial hardship.

Enhanced Job Security:

   Don't solely rely on your employer's disability benefits, which may not be enough to meet all your financial obligations. Income protection insurance provides additional coverage beyond what your employer offers.

Essential for Self-Employed and Gig Workers:

   If you're a freelancer or gig worker with an irregular income, it can be challenging to save for unexpected events. Income protection insurance is crucial in providing stability during periods of income loss.

Find Peace of Mind:

   Reduce stress and anxiety by knowing you have a financial safety net in place. With income protection insurance, you can focus on recovering and rehabilitating without worrying about your finances.

Support Your Loved Ones:

   Ensure that you can continue providing for your family and dependents, even if you can't work. Income protection insurance guarantees financial support during challenging times.

Long-Term Disability Coverage:

   If you face an extended recovery period or permanent disability, income protection insurance provides a regular income until retirement age or your ability to return to work.

Protect Your High Income:

   For high-earning professionals, maintaining your quality of life is paramount. Income protection insurance safeguards your lifestyle if injury or illness prevents you from working.

In conclusion, income protection insurance is an invaluable tool that offers you a safety net during income loss. Don't let unexpected health issues or disabilities derail your financial stability. Invest in income protection insurance to secure your future and maintain your quality of life.

Table 9: Average Lost Time Injury Rate (per 100), 2016-2020 Average 5-year




British Columbia




New Brunswick


Newfoundland and Labrador


Nova Scotia






Prince Edward Island*