Checklist - To be well prepared in the event of an illness or disability 

Legal considerations
Personal finances
Protecting and maintaining my standard of living
Other related sections
Useful links

Legal considerations

• I will consult a lawyer or notary:
  
  
  
  • to review my will and draft a power of attorney in the event of incapacity. Because if I became disabled, suffered a loss of independence or were in a coma, either temporarily or permanently, someone would have to take care of my assets and finances;
    
    
  • to set up a living will, so that, if I am no longer able to express myself, my loved ones would know my wishes with respect to the medical care I wish or do not wish to receive.
    
    
    
• to assist my loved ones or legal representative, I will draw up an inventory of my property, fill out a personal record of my assets and important documents, and draw up a checklist of people and places to contact in the event I am unable to manage my finances and other activities of daily life.
  
  
• I will review the beneficiary designations on:
  
  
  • my individual and group life insurance policies, as applicable;
  • my investment contracts, as applicable;
  • my private and public pension plans, as applicable;
  • my other contracts.
    
    

Personal finances

• I will set up an emergency fund. This reserve will provide me with cash to pay everyday expenses for several weeks. It can be used, for example, to provide income during the waiting period before I receive my first disability insurance benefits.
  
  
• If I or a family member becomes critically ill or disabled, we will have to deal with a reduced income and unforeseen expenses. This situation results in a loss of salary for the person who is ill and his/her spouse, who must take time off from work to take care of him/her and the children. At the same time, expenses increase: caregivers, housekeeping help, taxis or parking, medication, retrofitting of the home or motorized vehicle, nursing care, medical equipment, etc. Having to dip into your savings or RRSPs to cover these expenses can jeopardize your children’s studies or your retirement plans.
  
  
• I will not wait for such an event to occur to find out more about my sources of income and the amount of benefits that I would be paid.  I will talk to my employer now and also inquire about employment insurance, my provincial plan and other sources to find out the compensation I would be entitled to and the conditions to meet for receiving these benefits.
  
  
• I will use the budget and net worth calculators to put my finances in order. I will also meet with my representative to review my investment portfolio allocation and strategies. 
  
  

  

Protecting and maintaining my standard of living

• Health is an invaluable asset and I will do everything I can to maintain mine. No one is immune from illness, however, and I want me and my family to avoid the financial worries that can result from this kind of situation. Should health problems occur, I want to maintain financial balance and obtain the best possible treatments without having to wait. I will therefore review my insurance portfolio: Do I have enough critical illness or disability coverage? I will use the Disability Insurance  and Health Insurance calculators to get a better sense of my needs. I will contact a representative to get recommendations tailored to my situation.
  
  
• I will add disability insurance to my life insurance. If I become disabled, this coverage will help me meet the financial obligations on my mortgage and personal loans.
  
  
• I also plan to add the waiver of premiums for disability benefit to my individual insurance policies (life, health, critical illness). Under this benefit, premiums are automatically paid if I become disabled, and all my insurance coverage remains in effect.
  
  
• My spouse is a small-business owner and I am planning to leave my job to work with him.  In that case, I will no longer be entitled to group insurance coverage. Insurance for the self-employed and small businesses is the perfect solution. Specially designed for us, it can, among other things, guarantee the payment of everyday business expenses, such as overhead expenses, if one of us becomes disabled.
  
  

Other related sections

• Health is Cool!
• Health Centre – Health and Financial Security
• Protection from the Financial Risks of Poor Health or Disability?
• Individual Health Insurance
• Insurance Shopping Guide
   

Useful links
 

• Canada Pension Plan: Disability Benefits
• Régie des rentes du Québec: Disability
• Commission de la santé et de la sécurité du travail (CSST) – Quebec
• Workplace Safety and Insurance Board (WSIB) – Ontario
• WorkSafeBC.com – British Columbia