It’s a sad note, but being disabled can for some time, slow down your life. You may not be able to go to your job like you used to, not do everyday activities like you used to, worst-case scenario, it can leave you bedridden. But that does not mean, you and your family have to go through a financial crisis. Disability insurance can be a comprehensive financial solution in these times of need. If you are unable to work and cannot earn income because of your physical condition, the pay-off from disability insurance can help you with regular expenses.
Insurance (EI) sickness benefits with the requirements being:
The second type of disability insurance is long-term disability insurance which offers coverage of up to 2 years. It also replaces 60-70% of your normal income. It should be note that the benefits of short term disability insurance are not included in this type of plan.
Here’s a summary of how disability insurance works. It will give you a better idea of the entire process. Please have a look:
Your monthly benefit would be approximately 2/3 rd of your income (this is with respect to your gross employment). The waiting period is for 10 days and the benefits that you get are completely tax-free. We can customize your insurance plan to meet your requirements. Call Canadian LIC today and speak with our team members, we will be glad to assist you.
The Government of Canada helps and contributes towards your effort to save. It deposits substantial grants directly into your RESP.