Disability Insurance

An accident is more financially disastrous than a disability. 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 in handy. This insurance can replace your lost job. 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 a maximum of two years, whereas long-term disability insurance has benefits that can last for the rest of your life.

Is Disability Insurance a must?

Disabilities can impact your life in more ways than you think. If you are suffering from some illness or injury, then it can impact not only your health but also your finances.

Not only can it cause financial trauma, but it can also disturb your lifestyle and your family’s financial security. With so many medical bills for 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 occur.

Income Protection Insurance

If you are sick or wounded and cannot perform your duties within your own occupation, income protection insurance offers a monthly payment in this event. An insurer cannot cancel the policy because this policy is guaranteed to be renewable. It includes extra benefits, giving you all the leverage for what you are paying. But, one should always be careful before considering a basic policy. It’s not about a few more shells but about the benefits they provide.

Determine your needs:

Once you’ve decided on a company for your life insurance policy, you should be careful to understand the policy’s benefits. If you choose a plan whose amount is smaller than what you actually need, it could 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 that best suits your benefits.

Answer Questions Truthfully,

An insurance agent is responsible for asking you about the risk factors that will determine your category for taking a particular policy. These questions involve your family’s medical history and your health, in addition to your lifestyle habits that might affect your health in the future. For example, smoking and some dangerous hobbies change your risk category.

Answer the question with all honesty; if you are not true, this could negatively affect your family’s right to collect on your benefits if the insurance company finds that you lied on your application. Once you’ve accepted and acknowledged the life insurance policy, tell your family members about the policy. Want to know more?

Contact us and meet our insurance agents in Brampton and Malton now!

It is a way of protecting your family’s financial structure. It provides a hefty payment in the event of your death or on the diagnosis of a terminal illness where death is likely to occur within 12 months.