Disability
Insurance
Disability Insurance
When considering your assets, we often focus on tangible items like homes, cars, and retirement savings. However, your ability to earn a living is arguably one of your most valuable assets. At Canada Insure, we believe that what truly matters is your capacity to work. For most Americans, maintaining their financial commitments would become incredibly challenging, if not impossible, in the event of injury or illness.
That's where disability income insurance comes in. It's a type of insurance designed to provide a safety net by replacing a significant portion of your income if you can no longer work due to health issues. Think of it as "protecting your paycheck." When combined with life insurance, disability insurance ensures that your family won't risk losing their home or other essential assets in case of unforeseen circumstances
As you journey through different stages of life, your insurance requirements evolve. Insurance Guide offers tailored plans to ensure your ongoing protection.
Why should I consider
Disability Insurance?
Many Canadians may not believe they are susceptible to disability, but Statistique Canada reports that in 2017, 22% of the population, which amounts to 6.2 million people, had a disability.
Without a robust disability insurance plan, your family could face substantial risks in the event of an unforeseen circumstance, particularly if you contribute to monthly household expenses or a mortgage. Given that many Canadian households depend on two incomes to cover their mortgages, depending solely on Government Disability Plans might not provide adequate protection.
How Does
Disability Insurance Work?
Just like any other insurance policy, disability income insurance requires you to apply for coverage and make regular premium payments to keep it active. You can either buy it as a standalone policy or add it as an endorsement to your existing life insurance.
If you ever face a disability, your policy will outline an "elimination period" before benefits kick in. Once this waiting period is over, and if you're still unable to work due to your disability, the policy will provide you with a specified monthly benefit for the duration stated in the policy.
These monthly payments are designed to give you extra income while you can't work, helping you cover expenses like your mortgage and bills.
Frequently Asked Questions
What are the advantages of Disability Insurance?
One significant advantage of disability insurance is the peace of mind it provides by safeguarding your income in case you become disabled. It ensures that you and your family can continue to meet financial commitments like rent or mortgage payments even if you're unable to work.
Moreover, having your own disability insurance policy offers stability, unaffected by changes in your employment situation. As mentioned earlier, having this insurance can be invaluable, especially in avoiding the potential frustrations and delays associated with relying solely on Workers' Compensation or government benefits, which may not always recognize your disability status.
Do I qualify for Disability Insurance? / What types of disabilities are covered?
Insurance providers and disability policies vary in their terms, but getting coverage might be simpler than you imagine. Typically, there's no need for a physical examination.
Your policy will clarify what constitutes a "disability" and if there are any specific situations not covered. In most cases, private disability income insurance defines "disability" as the inability to continue working in your current job due to physical or mental health reasons.
Can I afford Disability Insurance?
Buying private disability income insurance or adding disability coverage to a life insurance policy can be surprisingly budget-friendly for the majority of individuals. You have the flexibility to select from various insurance providers and options, allowing you to customize your policy according to your financial constraints and specific requirements. This customization includes adjusting the coverage amount, the duration of post-disability payments, the waiting period (elimination period), and other optional policy features and benefits.
Since disability insurance is a form of health coverage designed to safeguard your income, the cost of your coverage will be determined by factors such as your health, lifestyle, occupation, and income level.
When should I buy Disability Insurance?
It's smart to get disability insurance when you're in good health. Don't hold off until your next significant work bonus comes in. You can often tailor policies to include cost-of-living adjustments, which means your coverage will grow with your income as time goes on.
Why should you choose Insurance Guide for Disability Insurance?
At Insurance Guide, we believe in a personalized approach to purchasing life insurance. Instead of pushing a one-size-fits-all policy or a fixed coverage amount from a single company, we want to understand your unique needs. We'll have a friendly conversation with you, asking a few questions to figure out what you really require in insurance. Once we have a clear picture, we'll tap into our network of insurance providers to find a policy that aligns with your goals and budget.
To get started and protect what matters most to you, reach out to one of our friendly Insurance Guide Agents today.
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