Disability Insurance
At Next Steps Planning Inc., we believe that everyone deserves to have a strong financial future, especially those living with a disability. Sadly, only 21% of individuals in this community are aware of the Registered Disability Savings Plan (RDSP), compared to the 86% who recognize other savings options like RRSPs or TFSAs. Our mission is to bridge this awareness gap by providing personalized guidance and education about RDSPs to empower individuals to take control of their financial security. Reach out today to learn how we can help you navigate this essential savings opportunity.
Do you have enough life, disability and illness insurance? Find out before you need it
Most young people engage with insurance only when legally required—auto, tenant or home insurance.
Typical advice for saving on these types includes shopping around, bundling with other kinds of insurance, and raising your deductible to lower premium payments.
You can also ask for discounts, according to the Insurance Bureau of Canada: if you are mortgage-free, claims-free, or have upgraded your home against fire and flooding, you can likely get a better deal on your home insurance.
For drivers, installing a theft deterrent or a usage-based insurance app which tracks your driving habits can reduce your auto premiums. Keeping a clean driving record is also key, the bureau advises. Your broker or insurer can help find savings within your policy.
Non-mandatory insurance is a lesser-known game, however.
RDSPs a 'no-brainer' savings tool for people with disabilities, but awareness lacking
Only 21 per cent of those living with a disability, and 17 per cent of Canadians overall, are aware of RDSPs — the lowest awareness rate among all registered accounts. By contrast, she said 86 per cent had heard of RRSPs, TFSAs and other savings products.
"I think that if there was more education on the benefits of an RDSP, there would be much more uptake," said Postlewaite.
"The RDSP is very specialized for those who qualify for disabilities, and the grant and bond program is unmatched with any other registered savings plan. So it really is the most powerful tool for individuals with disability to see their savings grow."
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