fbpx

Why Do Professionals Need Disability Insurance

Why Do Professionals Need Disability Insurance

If you have been diagnosed with a some illness or been involved in a severe accident that has left you permanently disabled, would your loved ones be able to cope financially? A working professional has a higher chance of suffering from a serious disability rather than passing away. While a few individuals have the money to fund their difficult times, most people require a disability insurance plan to cover their risk.

Over the last ten years, disability insurance plans have changed drastically. Many Brokerages in the insurance industry like Canadian LIC are offering the policy owners a variety of options to protect themselves from any physical harm and at the same earn income to take care of their family. Even though there are plenty of options available online today, it has always been a challenging task for professionals to find the best disability insurance plan to suit their specific requirements. Simply get in touch with our team today, and we will be more than happy to answer any queries that you may have.

Below-mentioned is reasons why professionals should consider investing in disability insurance:

  1. Insurance offered by the employer is not good enough

Many employees assume that their employer provides enough disability insurance to look after their health. But most disability insurance policies have a fixed coverage limit and only cover specific injuries or illnesses that occur at the workplace. Additionally, certain disability insurance plans only provide coverage if the illness or injury happens if they are still employed with the company. For your peace of mind, it is safe and recommended to purchase another disability insurance plan apart from your existing employer-paid disability insurance policy to make sure you are fully protected in the event of an unfortunate medical event that leaves you disabled.

  1. They occur more frequently than you think

Most Canadians presume that they are risk-free from any disability, but there is a higher chance of taking time off from your workplace due to a disability. According to a statistic, one in three professionals experiences a disability at the workplace that lasts more than 90 days. The notion that many assume that the most common disability at the workplace is a fall at work that led to the person being paralyzed is entirely false. According to the World Health Organization (WHO), a person is more likely to suffer a disability at the workplace from a heart attack, mental illness, arthritis, cancer etc.

  1. Your savings may not be enough to cover your expenses

If you are a working professional who supports your family, your biggest asset is your income from your job. With rising medical costs, most people are not able to cover the medical and living expenses if they have a long-term disability. By purchasing a disability insurance plan from Canadian LIC, you can rest assured; we will identify the right plan that looks after you and your family’s needs while you focus on your recovery.

Schedule an appointment today!

Don’t worry, if you have always wondered how you will take care of your financial situation if you have been temporarily off from work due to an accident or illness. At Canadian LIC, we can help protect you and your family by helping you choose the best disability insurance policy. Based in Brampton, we offer our services throughout the country. Give us a call today at 416 543 9000 to schedule an appointment or for more information. Additionally, we also offer a complete product selve of critical illness insurance plans helping people by taking care of their financial stress in their troubling times. If you want to ensure your monthly mortgage payments are taken off when you are financially struggling, we can help select the right mortgage insurance plan as well.