If you have ever found yourself wondering what you would do if you became injured and unable to work, you may want to take a look at Disability Insurance. This is a great policy if you want to have peace of mind for your and your family’s future.
What is Disability Insurance?
Disability Insurance is a policy for you and your loved ones to be protected financially if you are disabled. Disability can be from illness or injury. The insurance provides income replacement until you are able to go back to work, if possible. It supplements your paycheque by using a percentage of your income.
Why should I get it?
If you have a family or other financial obligations like a mortgage or rent, you will want to have financial security if you are suddenly unable to work due to illness or injury.
Factors that Affect Cost of Disability Insurance
Types of Disability Insurance
Own Occupation: Benefits paid if you can’t perform complete duties of your own position at your job full time.
Any Occupation: Benefits paid if you are not able to do any part of the position or job for which you qualified.
Long Term: Benefits paid for disability issues that will last anywhere from a month to years, or the policyholder is 65-years-old.
Short Term: Benefits paid for temporary issues or those that last for up to two years. These are issues you will recover from and will be able to go back to work.
Having Disability Insurance is just another way of taking care of your family. Ask your insurance broker for more information on Disability Insurance today.