Understanding disability Insurance with 10 key Questions!

Welcome to the Your Money Personal Finance Podcast. I'm David Pratt along with the President of Everything Financial, Peter Krzyzewski. How are you doing, Peter? Good to see you again. Doing well, Dave. How are you today? Very good. But I'll tell you this, we've got a lot of things to talk about. So let's get right into it. Because here on season two, episode nine, we're going to be talking about disability insurance. Now, can you please explain to me why that is so misunderstood? It is. And remember a few episodes back, they're all a blur to me nowadays. We talked about life insurance. And I think in that life insurance episode, I even alluded to the fact that life insurance is important, but if you pass away, you're gone. It doesn't really affect you, it affects everyone else. Well, disability insurance affects everybody. Your ability to earn an income and your health, aka disability, right? Collecting an income is your biggest asset. And if you lose that ability, you're affected, your family's affected, the bills, the stress, because we know money is a big stress on families. So making sure you're covered in case of an illness or an injury off the job, because on the job, you've got the WCB, theoretically, as long as everything works out. But what do you do the other 16 hours of the day, from Monday to Friday, plus Saturday, Sunday? And that's what we're going to talk about today. Well, we've got our top 10 questions. So let's get into it. Number one, what are the different types of disability insurance? Yeah, there are a few different types. But let's start with the obvious ones that people see all the time, which is the disability they get through their employer, which is great, because if you get it through your employer, there's generally no health questions or anything. So that would be the short-term disability and the long-term disability. So those are those two. You can also have disability through CPP. And that's unfortunate if it's that long-term of an injury where CPP can actually pay you. EI can pay you a sickness benefit. So that's a type of disability. But then if you don't have anything through your employer, then you can also go out and purchase personal disability. Or what if you don't have enough disability through your employer? So we're going to try and break down all those different things through the rest of the podcast today. Well, let's start with short-term disability insurance. So short-term disability is a type of coverage you will get generally through your employer. A lot of times with short-term disability, it might pay you after seven days. So if you get sick, get injured off the job, you can have this disability through your employer. It can pay different lengths of time. But the majority, or sort of the most commonplace, is it's going to pay you for about a 17-week period. So that's four months. So that's a percentage of income. As long as you're paying the premiums, or they're being T4ed, or it's coming off your paycheck, then it's going to be tax-free, which is very important. So it won't be the same as you were making before. It's less than that, but it's enough to say, hey, I can cover my bills, but I'm encouraged, let's say, to get back to work. Because if you are getting more than you were earning in income, kind of like the government does these days. Oops, there we go. It only took one question for Peter to go down the government rabbit hole. But seriously, everyone wants to generally, if they have a great job and get back to work, earn more money, but you got to pay those bills. Now, on the same stretch of the short-term disability, if, say, your company doesn't have any short-term disability, then there is an EI sickness benefit that there's a waiting period for two weeks, but they will pay you for another 15 weeks. So again, we're getting to that 17-week period. So that's kind of the couple types of short-term disability that can look after you for the first four months, if, God forbid, you're so unfortunate to get an illness or injury off the job, and you need income for you and your family. Well, then that gets us to what is the long-term disability insurance? Yeah, and it's long-term. So long-term, with a lot of employers, the long-term disability is what kicks in, ding, ding, ding, after four months. Sometimes it's different, but that's the one that could pay you potentially, let's hope it doesn't happen this way, but right through to age 65. A percentage of your income right through to age 65. Now, if your disability is really serious, and there's just no hope of recovery, CPP has, as part of the CPP benefit, has a long-term disability component as well. So you may be collecting from two sources. You may be collecting from your employer, and that'd be offset kind of the CPP. So you get two to get you up to your income, but you're really not allowed to collect more than about 85% of your pre-disability income. So that's kind of how the long-term disability kicks in. Again, income from the disability to cover the bills, but there's really not a lot extra. But at that point, let's hope it's not something that's going to last forever. And if you're so unfortunate to find out whatever your disability is could last right through to 65, then you really need to reach out to your registered financial planner and look at, you know, what else do we need to do? Do we have to cut back? Do we have to maybe sell our house and look at downsizing to have extra money? But you know what? Having the disability in place right from the beginning gives you time to make proper, well-informed, and well-planned decisions, and that's the key. Well, so does a personal disability plan make a lot more sense? And if so, then who needs it? Well, let's look at this. A lot of times the disability on the long-term disability at work might only have like a two-year definition. So a two-year-old occupation, which means after two years, they may be able to go and make you for lack of a better term, but do any occupation that you have education, training, or experience in and can earn in some cases, this is not all cases, people, but 55% of your pre-disability income. So pretty well, you're going to have to get a job, right? If your work disability insurance has an own occupation disability, it might only have it for 24 months. Then after that 24 months, then you get into that any occupation situation, or if you have own occupation to 65, it's a pretty airtight plan, you're pretty good. But what if, and I've seen this happen, what if Dave, your disability, what if you make five grand a month, but your disability at work only covers you for 1500 a month because there's a ceiling on it? So you're not going to be able on 1500 if you earn five, right? But you can, and I've seen this happen in many cases, you can look at topping up your work plan with a personal plan. So that's a key thing. So that's one reason you could look at a personal plan. Another reason you could look at a personal plan is what if you just don't have coverage at work or you're self-employed or you're a contract employer, and you're not eligible for one of these long-term disability plans, then by all means, talk to your registered financial planner, make the, like we talked about a few episodes ago, the life insurance, make the disability insurance part of your plan. Look at what's the right income for disability that helps me take care of bills, that I can also afford the premium, but also what kind of has a foolproof definition to make sure I'm covered no matter what happens. And that's the key. And there's some, honestly, Dave, there are some, a couple great disability companies out there, but the key is doing your homework, talk to the planner and ask them the difference and ask them the commission difference, like get that stuff in writing because don't buy a plan because, you know, we talk about this all the time and this is where the hate mail comes in, because the insurance person wants to sell you a plan because that's where the bonus is or that's where your free trip to the Barbados is going to come from. Look at the plan that's key to you. But here's another one with the personal disability, Dave, and we'll do more to this, but look at a disability plan that there's sometimes you can get them that also covers say the mortgage costs or the loans. Oh, personal disability. So that's kind of key too, is no kidding. I get income, but while I'm off for this next 16 months, 18 months or what, you know, let's hope it's nothing too long. It's also going to pay my bills and my loans. And that's kind of key too. You know, Peter, you brought this up about any occupation and, you know, I want to take this a little bit further because, you know, how does that compare with say, you know, own occupation, because these are two different things. Absolutely. So let's let, yeah, let's expand on that a little bit more since I opened up that can of worms. So any occupation really is just that. The disability company can have you go do any occupation you have training, education, or experience in and can earn, again, I use the percentage 55. Some of them are higher, but you can earn some percentage. It's key to know those definitions with your company plan, but some form of income you can go earn. So suddenly they have a lot more leeway to say, yes, I know you're disabled from job X, but you can go do job Y that you used to do. And so, and maybe you're not in a great position to go back to work, but you can, and you may not earn, right, Dave, the same income you were earning before. Now own occupation, and that's in a lot of the higher end plans too, is really good. Own occupation is, they can only get you back to work doing the job you were doing at the time you were disabled. So it's a really, and there's a lot of, one company out there, their plan is called the professional series, and there's more than one, but that one just comes to mind right off the bat here. A professional series own occupation contract is like, that's key. So I'll give you an example with a buddy of mine. He runs an ER department in a well-known hospital in DC, and he has own occupation disability insurance. Now he used to do other jobs, but really, what else is an ER doctor going to do if he got disabled, except go be an ER doctor again, right, or something like that. So you want a good quality, well-defined, kind of ironclad disability solution to make sure you, and more importantly, though, remember, Dave, we're talking about the family. The family's looked after. Like, gosh, Dave, if you got disabled, who's going to help out Brenda and look after Bentley the dog? Yeah, Bentley would be a load, yes, to say the least. I think Brenda would be okay, but Bentley, not so much. That I'd have a concern, yeah. But I'm with you on this. But seriously, own occupation really tightens the lid on that disability, and more importantly, and this is what really insurance is all about, whether it's life, disability, home, auto, dental, health, it doesn't really matter. You know what it's all for? Just in case and peace of mind. So maybe we should just all start calling this stuff, and when we're doing our Omni formula, the just in case chapter, because it's all about just in case this happens or that happens. So just in case, can you double down to cover your ass on this kind of stuff? I mean, can you have disability insurance with an employer and then personal disability insurance? Can you meld those two together? You can, and that's where we talked about the top-up, right? Yeah. What if you don't have enough coverage? But you can't collect, you can't double dip, you can double down, but you can't double dip. How's that sound, Dave? You can't collect on both, and all of a sudden you're going, oh, this is awesome. I was making five grand a month, and woo-hoo, I'm collecting 8,500. Who is going to go back to work for that? Whatever. You know, it's hard enough to get people back to work in our society these days, but hey, let's just give them, hey, why don't we do this, Dave? Give them disability at work, disability personal, and the CERB or whatever it's being called this week. Give them all. No, society wouldn't last very long, but there's my next jab. But you can collect both, and sometimes you're right though, Dave. You do need to look at both to make sure you have all your bases covered. And again, the best way to do that is you start with your work plan and look at the disability insurance and the definition and the limits, right? What are the limits for collecting? And then you look at the personal, but here's a great thing to do. If you don't have a work plan, collect that, get that personal plan put in place, and then you get a job where you have a work plan, but you've got the personal one first, and you've got the solid definition first before the work one kicks in, and that can really benefit you. And you've got to look at how those definitions work. There are a few ways that those definitions work that can be extremely beneficial, Dave, but it's a case-by-case basis. That's where you really need to flick the switch, say to the registered financial planner, hey, here's what I have. So, I mean, we tell people at Everything Financial with our Omni formula, when you're coming in to look at designing a plan, we want your employee benefits book. Let's look at the definitions. We want your personal insurance if you have it. Let's look at the definitions, and I'll give you a good one here, Dave, and this is interesting. I had a gentleman a few months back, and we did his plan for him, and he makes good money, I mean, as a kind of project manager, electrician field and whatnot. He's making about $80,000, $90,000 a year. So, good job, and looks after his family well, very great guy. And we started analyzing his coverage, and we went, wait a minute, not only do you not have the management plan, you have the any occupation, it was $1,800 of coverage. You're not even a third of the way to what you're entitled to, but he had the wrong plan because when he went from the employee-type plan, and he got promoted to management a few years earlier, he fell through the cracks, and that can happen. Maybe he didn't ask, maybe they had a transition in their HR department. I mean, it was definitely an oversight that no one did on purpose by any means, and we caught it. And I didn't, at the time, know he had a management plan. I just saw what he had. And he checked with his employer. I said, here's the questions you need to ask. You know what we always talk about, Dave? Those questions you didn't even know you're supposed to ask, that was one of them. And he went to the employer and found out, holy crap, they came out with a management plan, and I'm now entitled to coverage up to $6,000, no health questions required. I think his actual amount was in the low fives that he will clear disability-wise. They had him switched right away. There's, as I said, it's called evidence-free or no health questions required because that's the coverage he was entitled to. And that was key to make sure he had the right disability. This came about because we said, you don't have enough coverage. Maybe we need to get you a personal plan. But I said, check with your employer first. And sure enough, fortunately for him, he saved a lot of premium because he didn't have to buy the personal plan. And he ended up with a really good quality plan with the company. And that is key. The other thing, Dave, as I ramble on here about this, a lot of these times, the plans, what if you leave your employer, right? You can look at then converting it over. So that's key. But the key is getting the plan with no health questions. That's important. Yeah. And for those people that don't have that quote-unquote management plan in place, you get to a really serious question here about, you know, EI and CPP and how does all that work into your disability coverage? I mean, this is a big deal. Yeah. Like we alluded to an item one where we kind of just gave the huge general overview of all these different types of plans. And you're right. Now we want to break them down a little bit. So EI, I mean, part of what you pay and your employer pays in EI premiums, everyone think it's employment insurance. So if you lose your job, sure. That's only part of it. Part of this is maternity, part of paternity or whatever you want to, you know, both. But part of this is disability. So that's where you can have that two weeks waiting period, 17 or 15 weeks of coverage, 17 weeks total, but only 15 weeks of that is payment of disability insurance, sickness insurance, whatever you want to call it through the government, through EI. And that's key because if there's nothing at your employer and to be fair to employers, Dave, a lot of employers don't have short-term disability, not because they're cheap and don't want to look after their employees. It's expensive. It's really pricey. So I'll tell you how this works. So we know a little more about the EI and we can be fair to both parties here. If an employer puts short-term disability insurance in place, they get a rebate from the government on their EI premiums that they're paying for their employees. But I tell you what, Dave, it nowhere near compensates them for the premiums they're paying for their employees for coverage. So some people just can't afford it. They're happy that they can give you health and dental and a bit of disability and a bit of life insurance. So if they don't give it to you, don't think your employer's sticking it to you or they're cheap. The pie is only so big and they can only slice it so many ways. So that EI benefit covers you for the first, well, 17 weeks total. And that's the importance, right, Dave? We talked about an emergency fund. We talked a few weeks ago about having a TFSA and maybe you have more than one TFSA. Maybe you have a long-term TFSA for retirement, but a short-term TFSA is an emergency fund. Didn't think about it at the time, but this is exactly what we're talking about, having that cash on side if you get disabled. So then we have the CPP. So CPP has three benefits. They have a retirement benefit, which is the one we all know about. They have a small death benefit. God forbid you give your spouse a bit of money there. It's $2,500. It's not much, but it's something. But then CPP has this long-term disability benefit that can kick in. And you have to qualify for CPP, which means there really essentially, it really is unfortunately, Dave, very little chance of recovery from whatever your disability is. Well, that doesn't mean you've got one foot in the grave, Dave. It just means your chance of getting back to work are slim to none and none is working. Slim is really on the background. So that's how the CPP benefit works. You don't need to pay anything extra or do anything. It's just there. And if your illness looks severe enough, your doctor and the disability company, because think about it, the disability company's paying out a big nut here if you're disabled to age 65. So suddenly the disability company is going, well, it doesn't look like you're going to recover. So we're going to also apply to CPP. So maybe your disability through your employer is, I don't know, $4,000. I don't know. And the CPP is, well, whatever your CPP would be, so $1,500. You know what I mean? So the disability company is just trying to recoup some of that expense because everyone likes to slam on the insurance companies, but they're trying to keep the plan in place and do what's economically viable too. And they're not the ones who created CPP, the government is. So if they have the chance to get CPP, recoup some of their money, then obviously they should. And again, that's only once you get to that stage that you know what, you're unfortunately not going anywhere. So we're going to get some disability for you back from the government. And you don't have to worry about a lot of the details there. The disability company looks after all the ins and outs of that. All of this to me is like trying to learn to speak a new language. You know what I mean? It really is for the uneducated in this respect, which gets us to my next question. And I have to read this here to make sure I get it right. You do have to read this. This I have to actually have to read here. Okay. You're ready for it? Here we go. What is WLRP? Is it a comedy TV show or is there something more to that? I was just thinking that when you said that in Cincinnati, right? Yes, yes. Radio. It all comes back to me now. Pretty well close, isn't it? We're not going to sing the song, Dave, because we'll lose our three listeners right away. Damn, damn, damn. W-L-R-P. I even have to say it slowly sometimes. Wage Loss Replacement Plan. People, write this one down. It'll be your best friend. So what is Wage Loss Replacement Plan? Everyone automatically thinks disability insurance. Wow, I'm going to get this disability insurance tax-free. But if you're a business owner, taxable disability is actually better for you. The net cost is cheaper to have you as being the business owner. Your employer paid the plan. The employer is getting the tax deduction on the premium. But if they're writing off the premium, that means you're claiming the benefit. But that allows you still to accumulate income for retirement, allow tax write-offs for RSPs and contributions, etc. There's a lot of benefits. But the bottom line is, and you know me, I'm all about the bottom line cost. The net cost and the quality of plan is better for wage loss replacement. And it's not sold very much because a lot of people just don't get it. And this is endorsed by CRA. I'm actually sticking up for CRA for a second. Oh my gosh. Stop the presses. Peter didn't say something bad about government. But CRA, there is a rule to this. You need two people on the plan for the wage loss replacement plan to be legitimate. So I'll give you, you're a lawyer or a notary or something doing, you know, you got your small firm. You're not really big enough to do benefits. It's too costly. But you still need disability. And you have that one main employee who kind of helps you run the business, right? And you want to look after him or her as well, because they're an integral part of your company and make sure them, him, her and their family are looked after. So there's a real possibility right there that the wage loss replacement plan, I almost find that easier than WLRP in Cincinnati. But you want that plan to really benefit both of you, not just from a benefit standpoint, but from a tax standpoint as well. And that's where looking at that wage loss replacement plan and the company, a couple of disability companies we use and we recommend to our clients, they're actually able to show the tax spreadsheet with the two options side by side. So you, as the client, make a really well-informed plan. And that's what your registered financial planner should be doing, is giving you all the information so you can decide truly what is best for me, not what's best for someone else's plan. Let's get onto this irreplaceable employee. That company or individual, whatever it is, it just cannot be replaced. What about disability insurance? What is it called? I mean, how do you do that if you've got that employee that is irreplaceable? Yeah. And you call that like key person. Can I say key man? I can't say key woman. Can't say either apparently. We're talking about key person insurance. So that is insurance. Disability, you can buy on an employee, you can cover them, you can pay for it, you can cover them. That's just irreplaceable. So what if that key employee just can't work, they've got a disability, illness, injury, whatever the case may be, but the company still has to function today. The company's got to move ahead. Maybe it's a key manager, administrator who runs the factory for you, or the person who's in charge of your entire sales team. Those are just a couple of examples off the top of my head. But you got to go out and hire someone and hiring someone on a contract basis to replace that key person will not be cheap. It's just not cheap. So your employee may be covered under benefits, but now you can cover also their contribution to the company. So you're collecting because you're collecting money from the disability company. You'll probably have to get like a headhunter. And those aren't little people in New Zealand or some weird place in Congress. You're actually going out to an agency to hire a person on a contract basis just to say, hey, Jane or John Doe, we need help. Our key person had a major skiing accident or mountain biking accident. Jeez, we're talking about Peter suddenly. One of those things. And we got to bring someone in for the next eight months until they're healed up. We want them to be able to go home, heal themselves up properly, be with their family, take care of themselves. So they come back to us full steam ahead. But the show must go on. And that's where that disability insurance for that key person is huge. Because if you're going to hire someone for that major job running the factory, whatever it is, like I said, you're going to probably have to pay through the nose for that person. So having that extra coverage to help go out to an agency and hire that person is hugely beneficial to the company. So that's where the key person insurance can come in. I know that's one, two examples of it, but those are kind of realistic things that happen on regular basis. Which gets us to COVID-19. I mean, is there any... What's that? Yeah. Excuse me. Scary stuff. Falling from the skies. Yeah. No kidding. Scary stuff. But I mean, is there anything that a business can do about that? Well, it still is. Yeah. I mean, it's not labeled COVID-19 in the disability plan, but it's labeled loss of income due to health, illness, or injury. So it's one of those things that, God forbid, you are one of the unfortunate ones to get this virus. And I do know of some people... I mean, we know of generally, by and large, the vast majority... And the numbers change every day, Dave. They're off for not a long, long-term period of time, where maybe their waiting period doesn't kick in because they don't... Say they only have long-term disability. Maybe they'll collect that EI for a while, but the long-term never kicks in. But again, what if you lose that key employee? Well, if they're off, you can look at one of these types of insurance, whichever is applicable, to make sure you have coverage for the company. So you're not excluded from these type of viruses, diseases, or anything else out there on the disability. This is something that's still covered and still there, and it will still provide the benefits needed. Peter, to wrap this thing up, how do you learn more about your insurance plan? And what is really the next step? Yeah. The real good thing to do, Dave, is when you're talking to your registered financial planner, you're designing an all-encompassing financial plan. Insurance really needs to be a strategy and an evaluation all on its own. When you're doing a register... You're doing a financial plan with your planner, Dave. They should really be devoting an entire meeting just to insurance evaluation, and sometimes two. Sometimes it's one meeting to look at, hey, what do I have? What's my coverage? What do I need? And where's the loopholes? Where's the gaps? Not really loopholes, I'm talking definitions, but just where's those gaps in the coverage that I'm not covered for this, that, or the other thing? That's key. And then, really, another meeting to look at, what are all the different solutions? What are all the different products I can put in place to fill that gap? So, it's up to you as the buyer, your money. Remember, we always say, that's why it's called, your money. But take the time. If you feel, really, that someone, the person you're talking to, and hopefully not, let's give credit, there's a lot of good people out there in this industry who really are looking at what's the best plan. But if you feel someone's rushing you into a quick decision on what's the best coverage, look elsewhere. Look for someone else. Look for someone else to give you a better explanation. But disability insurance is not a product you should be buying. And I'm going to clarify this to you. Wait a minute, we just spent 35, 40 minutes talking about it. It first has to be a solution to a problem. It's a strategy. The type of disability is a product. The purchase of the disability is not the thing. The purchase of the product is the purchase of a solution to a gap, a problem, an area in coverage that you need to look after your family. And I would argue to say, and you don't have to agree with me. Opinions are like, you know what, and everybody's got one. I could say what it is too, because I'm allowed to. It's my podcast. This is a children's show, Dave. If anyone knows you and me, it's not a children's show. But here's the thing. With disability insurance, I think it is far and away the most important coverage you need. And I'll say this and I'll get flack, but people try and understand what I'm saying. Life insurance is very important to look after you, your loved ones, your family. It affects all of them if you pass away. But think about what I'm trying to say here with no tongue in cheek, very clearly. Unfortunately, life insurance doesn't affect you because you've passed away. You don't know what the end result is afterwards. Yes, you want to go through life with a clear conscience, maybe knowing when you go to bed at night that my family is looked after. Disability insurance affects everybody, Dave, because you're still here. And I will give you a sad, but very, very, very realistic example. Years ago, earlier in my career of doing the plans, there was two gentlemen who had a company, a small company. And one gentleman, they're both owners, but they both, they ran the whole show. It was a floor company. And one gentleman said to his partner, we need to get disability insurance because we have nothing and we're younger in their thirties. And if something happens to us, we've got squat. And he said, I'm talking to Peter, I'm getting disability insurance. And I had a quote for both of them. And the partner also in his thirties, Mr. Invincible with really any, any, you know, he thought that with a one, three, five and seven year old, four kids, yeah, well, I'm fine. I don't know. I'm not spending the extra money. You do what you want to do. Less than two months passed. I got a phone call from who was a close friend of mine, the gentleman who got the disability insurance. And he said there was a car accident and the partner who didn't want the coverage ended up, he was in the back of a van where he shouldn't have been, but regardless, that's sometimes how things happen. But the van went off an embankment, the motorcycle that was in the back of the van, which was not secured properly. And again, he was in the back of the van, landed on his back and he became a quadriplegic. And I'll never forget that phone call. It was, it was honestly, Dave, I remember it like it was yesterday. It was gut wrenching to go to the hospital in Vancouver. He was from the interior, go to the hospital in Vancouver, wife, sweet, sweet woman in tears, sitting there, looks me in the eye and says, no, no joke, Dave, this is so serious, says to me, I hate to say this and don't think less of me, but it would have been better off for all of us if he had died because we have all that life insurance. The kids would have missed their dad, but they would have moved on. Now, who knows when we can move on? And I can tell you this, it was years, years before the family got a settlement. And I talked to them and kept in touch along the way, but all the money in the world never replaced the stress of her and those four kids. And the way he felt knowing that he had an opportunity to look after his family and unfortunately young, and we've all been there, Dave, right? I mean, we know, we've talked to you and I about the things we did when we were young, the ones we remember. But we all know that it goes out saying young people, today is no different than 25 years ago, all feel for the most part they're invincible. And if COVID has not taught us anything, no one's invincible because these things don't discriminate. Going over an embankment does not discriminate with how healthy or how buff you are, or you have four kids, you don't have four kids, you know what I mean? Whatever the case may be. These injuries, COVID, these injuries, et cetera. Going down a ski run or mountain biking run at Whistler and breaking your back. Injuries don't care. It doesn't matter to the injury. It just happens. So when you have the availability to make sure you and your family are looked after, take advantage of that. Don't ever be the guy who says I'm invincible or I can't afford that, right? You can't afford not to have that. And when we look at, and I'm not saying you need the be all, the end all, no play on words to your dog and my dog, the Bentley of the plans because people, we both have a Bentley, dog, dog, let's clarify, right, Dave? Dog, not car. But having something that can maybe just cover the mortgage or the rent, the food bills, something is better than absolutely nothing and just going, what do we do? So no matter how difficult that is, have that discussion because literally, Dave, I could be here all day with 31 years in this business and 25 or 26 years operating everything financial and doing our planning with stories of disability. And it's serious and it's an area that's easy to protect. And it's not even a matter of buying a product to look after this solution. It's doing the education to make sure you have the product in the first place. And a lot of people do, but a lot of people don't know. The times I ask the question, what do you have at work? I don't know. Coverage. Can you get me your book? I don't know where it is. We harp on that. I'm like a broken record sometimes. I tell them I'm your everything financial nag, but I want to know because that's my fiduciary and my due diligence. That's my thing I need to do is make sure you don't leave the office. You can choose not to get it. That's okay. Everyone has their choice. It's your money, but the choice should be laid out to you first. So you have the information to make, as we always say, right, Dave, making an informed decision. That's the key. And that's really what we're talking about with disability is just knowing where the gaps are, knowing what's missing, and then making an informed decision. Great way to wrap this thing up, Peter, is always outstanding. That is episode nine. Look forward to episode 10 already. Great stuff as always. Yeah. I appreciate you indulging me, Dave, to go on a bit of a, because you're my bud and I've learned from the best because I can go on a rant, as we know. But I think this rant, I really, because we do a lot of joking on this, Dave, you and I, and we have fun with the podcast, but we try and educate through a bit of fun. We do. And I don't like going down the rabbit hole of dark and dreary, but you know me and the people we've known things happen to, and the disability, you just don't want to take that lightly, unfortunately. So I hope people learn something from this. Reach out to us, reach out to Registered Financial Planner. If you're not a client of Everything Financial, reach out to me and one of our associates, we all know how to read this stuff. Well, if nothing else, we will like commit to this to everyone out there. We will take the time, even if you're not a client, to just give you the skinny, as they say, on your disability and hopefully give you a response to, if you don't understand it, to say, here's what you've got. Talk to us or talk to whoever. You should just know without a lot of double talk and baffling them with BS. And it's not like every insurance person is trying to double talk you. Sometimes you just need it made simple. And I know people say to me, I do have a knack, I guess that's what I'm told. I don't know, Dave, but I do have a knack of trying to make these things really, really simple. And that's what I try and do. So that's key. So if you're not sure people reach out, we'll help you out. At least just give you a simplified definition. Thanks again, Peter. As I said before, great work as always. Great stuff. Thanks, Dave. We'll see you soon. You got it. And thank you for following us on your favorite podcast platform and YouTube. If you've got a question for Peter, just go to yourmoneyateverythingfinancial.com and we will talk again soon.