Lucy Lukic is an insurance professional based in Hamilton, Ontario, with over 25 years of experience. She is currently an insurance advisor and the President of AGFI (Anchor Group Financial Inc).
Lucy strategizes with her clients to find insurance packages that meet their financial needs. Prior to her current role, she held prominent senior roles at CIBC, Hub Financial, yourCFO Advisory Group, Burgeonvest Insurance, and Burgeonvest Bick Securities Ltd.
One area of Lucy’s expertise is disability insurance. She educates clients on how policies protect income in case of illness or injury. In this interview, Lucy shares her insights on why disability coverage is essential and how to understand available options.
Q: Why do Canadians tend to forget about disability insurance?
Lucy Lukic: A lot of people underestimate the possibility of a serious illness or injury impacting their ability to work. Many think that government programs or employer plans will cover them completely, but those really only provide partial income replacement or have strict limits. Younger adults and other people who are in good health tend to think that coverage isn’t needed yet, but actually, accidents and health conditions can happen to anybody. My goal is to change that perspective by teaching clients the importance of disability insurance as something that is essential, not an optional luxury. When people understand real-life risks, more Canadians can take the needed steps to protect their financial stability.
Q: How has disability insurance changed recently?
Lucy Lukic: Disability insurance used to be a niche add-on, but now it’s a central part of financial planning. More Canadians are now working as freelancers, small business owners, and juggling multiple income streams. Workplace plans don’t offer enough protection. Policies are now more flexible, and people can customize benefit amounts, durations, and cost-of-living adjustments. Mental health coverage has also become more important, with anxiety and depression counting as legitimate reasons for claims. Staying informed about these changes can help people make better choices for long-term security.
Q: What should people look for when choosing a disability insurance plan?
Lucy Lukic: Review your monthly expenses. See how long you can sustain these expenses with no paycheck. Look at policy features like elimination periods, benefit periods, and check if benefits are indexed to inflation. I also encourage my clients to compare group insurance from employers with individual policies, because gaps in protection can exist. It’s also important to review definitions of disability, because some policies vary in how they determine eligibility. People can avoid surprises by asking the right questions and understanding the fine print.
Q: What effect does mental health & chronic illness have on disability insurance now?
Lucy Lukic: Insurers are noticing more claims linked to mental health and chronic conditions, but coverage still varies. Anxiety, depression, and burnout are legitimate reasons for benefits, and people should make sure their plan explicitly covers them. Chronic health problems like arthritis, diabetes, or back injuries are also typical causes of long-term disability claims. It’s not just sudden injuries that qualify for coverage. When people know this information, they can choose insurance plans that truly protect their income, no matter the condition that arises.
Q: What is one tip you can give to people regarding disability insurance?
Lucy Lukic: Disability insurance doesn’t replace your paycheck. It helps protect your lifestyle, family, and long-term goals. I encourage people to view insurance as a safety net that lets them focus on recovery without financial stress. Also, starting coverage early can make a big difference in costs and eligibility. When clients know how policies work, they feel empowered to make the right decisions. Ultimately, having the proper insurance gives people peace of mind, which is invaluable in planning for the unexpected.
