DISABILITY INSURANCE SERVICES
INSURANCE BROKERS IN MISSISSAUGA, ON
Disability insurance provides you with financial security when an accident or illness causes you to be disabled and unable to work or earn an income. Disability insurance replaces a portion of your income if you become unable, through injury or illness, to work.
Policies differ on how soon you would collect benefits and for how long. They also vary in whether disability benefits are received if you can’t perform the duties of your own occupation, a job in your field, or any job at all.
- Receive a tax-free benefit each month for you and your family.
- Whether you’re injured on the job or off the job, you’ll still receive benefits.
- Unemployment insurance only pays up to 15 weeks. Disability Insurance can pay up to age 65.
- Essential support in helping you switch careers or in finding a new job.
- Cover both costs of recovery and home bills under one plan.
The major difference between short term disability insurance and long term disability insurance can usually be narrowed down to the length and severity of an injury or illness. Short term disability insurance is generally part of one’s workplace benefits provides a weekly sum of cash to quickly provide cover you while you’re recovering.
Long-term disability insurance is meant to replace or augment a portion of your income should you become injured or ill and it affects your ability to work for an extended period of time.
| Short Term Disability Insurance | Long Term Disability Insurance |
| Limited time coverage, usually for 6 to 26 weeks | Common coverage terms are 2 years, 5 years, or up to age 65 |
| Usually offered through employers | Generally purchased individually, to supplement employer coverage |
| Provides weekly income replacement | Provides monthly income replacement |
| Benefits can begin 1-14 days after disability | Benefits begin after short-term disability period is over |
| Typically claimed for temporary health issues such as sports injuries, back problems, infections, etc. | Typically claimed for mental health issues, muscoskeletal issues, accident etc. |
Well, absolutely yes!
Disability can impact your life in more ways than you think it can. If you are suffering from some illness or alignment, then it can impact not only on your health but also your finances.
Not only it can give financial trauma but can also disturb your lifestyle and family’s financial security. With so many medical bills for the treatment, hospital bills and health insurance excesses, you might not be able to work for a long period of time. Thus, your financial stability might suffer a setback.
Fortunately, with disability insurance you can alleviate your financial strain, should something like this does occur.
If you are sick or wounded and cannot perform your duties within your own occupation, Income protection insurance offers a monthly payment in this event. An insurer cannot cancel the policy because this policy is guaranteed renewable. It includes extra benefits, giving you all the leverage for what you are paying. But, one should always be careful before considering a basic policy. It’s not about few more shells but about the benefits it provides.
A Financial Advisor is responsible for asking you about the risk factors that will determine your category involved in taking a particular policy. These questions involve your family’s medical history and your health, in addition to your lifestyle habits or that might affect your health in the future. For example, smoking and some dangerous hobby changes your risk category.
Answer the question with all honesty; if you are not true, this could negatively affect your family’s right to collect on your benefits if the insurance company finds that you lied on your application. Once you’ve been accepted and acknowledged the Disability Illness policy, tell your family members about the insurance policy. It is a way of protecting your family’s financial structure.
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DISCLAIMER
Commissions, trailing commissions, management fees, and expenses all may be associated with segregated fund investments. Please read the prospectus before investing. Segregated funds are not guaranteed, their values change frequently and past performance may not be repeated. Insurance products and services are provided through DIFFERENT CANADIAN INSURANCE COMPANIES.
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