Your entire lifestyle is protected by your income. The chance of becoming disabled due to injury or illness during your working years is very high.
Have you considered how you would maintain your lifestyle if this were to happen to you? While no one likes to
think about becoming ill or being injured you can't afford to ignore the possibility.
Disability is more financially disastrous than an accident. If you are disabled, you might not be able to work,
resulting in no or less income. The living expenses increase, often for medical care. This is where disability
insurance comes handy. This insurance can replace for your lost job. Now, some employers do offer a certain type
of coverage under this insurance. There are two types of disability insurance: long term disability policies and
long-term disability policies. Depending on the nature of your priority you can choose accordingly.Short Term
Disability Insurance has benefits for maximum two years whereas Long Term Disability Insurance has benefits that
can last for rest of your life.
Is Disability Insurance a must?
Well, the answer is a pure 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.
Types of individual plans available
Non Cancellable (Non-Can)
Cannot be cancelled by the Insurance Company or premiums increased. A very stable product.
Guaranteed Renewable (GR)
Cannot be cancelled by the Insurance Company. Premiums can be increased but only on a Class basis,
(by Occupation, Province and Plan type).
Conditionally Renewable (CR)
Premiums can be adjusted and policy cancelled but only on a Class Basis, ( by Occupation, Province and Plan Type).
Individual policies cannot be singled out for cancellation. CR plans have built-in standard Exclusions and
Limitations, and are usually easier to qualify for.
Companies offer both Earned Income and Gross Revenue choices for obtaining the Benefit that client qualifies for,
because of this it is recommended for the following:
- Self-employed
- Small business owners
- Individuals hired on contract
- Employees with group benefits
- Group, Association and Affinity markets.
Determine your Needs
Once you decided on the company for your life insurance policy, you should be careful in understanding the benefit from the policy. If you choose a plan whose amount is smaller than what you actually need, can put your family’s financial future in jeopardy. Your insurance agent will carry out an analysis of the insurance companies and of your needs to help you choose the plan of your benefits.
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