Disability Insurance protects you in case of an accident or illness. Disability coverage will pay a benefit when you are unable to work as a result of an accident or illness. The income can be used to cover the medical and prescription costs, to pay your bills or any way that you choose.
Many people believe they do not need disability insurance. They believe government benefits or coverage through their group insurance will be enough. We need to look at the facts:
• Worker’s Compensation only covers accidents while at work.
• Employment Insurance will provide up to 15 weeks of sickness benefits.
• Long Term Disability through a group insurance only replaces part of your current income.
That is why disability insurance benefits are so important. Protecting your most valuable asset, your ability to make an income, can give you peace of mind. If you are ill or injured, you do not want to need to work to pay your monthly expenses.
The costs for disability coverage can vary depending on factors such as:
• Will Employment Insurance Sickness benefits be available to you? Many business owners do not have this option.
• How much income do you want to replace? If your long term disability benefits cover 60 percent, you only need coverage for 40.
• How long do you want to replace the income for? Many policies offer coverage periods of 2 years, 5 years and until age 65. Your premium will increase for the longer coverage periods.
There are many options to consider when choosing a disability insurance. We can help you determine what options will best protect you, your family and your future. We can review your current disability insurance coverage and review your insurance needs. We will then price our many options and find a policy that best suits your situation.