If you happened to become disabled, how would you pay for your ongoing treatments while maintaining your current lifestyle? Disability insurance can help prepare for the unexpected and assure that you’ll have the funds to continue your current lifestyle without as much compromise.
What is Disability Insurance?
By purchasing disability insurance, you will have tax free monthly benefits which will be paid to you if you ever become disabled. The amount of money you will receive in your benefit will depend on the amount of income you have when you purchase the plan. Your payments will start coming in after the elimination period, which is 30, 60 or 90 days. You decide the length of your elimination period.
While many of us understand the importance of life insurance, the truth is that insurance against an accident or disease that prevents you from working is arguably even more important. In addition to being unable to provide your family with the income they’re accustomed to, financial burdens can be put on your family as a result of the disability (medical bills, drugs, treatments, etc…). This situation can cause severe difficulties for yourself and your loved ones as you struggle to adapt to your new circumstances.
What can Disability Insurance be claimed for?
- Serious illness
- Mental Illness
- Serious Injury
How does it work?
- Choose the amount you want and add optional benefits to customize your coverage.
- Pay your monthly premium.
- File a claim if you become disabled. You may require a doctor to validate.
- Receive your monthly payments when the waiting period ends. The waiting period is the number of days from the date you’re disabled until the benefit start date.
- Your payments stop when your benefit period ends, or you return to work.
Difference between Disability Insurance & Critical Illness Insurance
Disability insurance provides a monthly income if you’re unable to work due to a serious injury or illness, while critical illness insurance pays out a tax-free lump sum payment following the diagnosis of one of several illnesses covered by your policy.
Insure your “paycheck”
Disability insurance works when you can’t. Disability insurance is designed to replace a portion of your income if you become disabled and are unable to earn an income.
Broker Union has specialized in disability claims for many years, and our knowledge and information can provide you with the best outcome for your type of illness.