Disability insurance, often called DI or disability income insurance, is mainly designed to replace a portion of your lost income in case you became disabled, either physically or mentally, and unable to earn an income. This type of insurance can be offered as individual plans or group plans. The duration of disability insurance coverage can be short term or long term. Without disability insurance protection, it would be difficult for you and your dependents to cope with the loss of income the disability might cause.
Some of the key highlights of disability insurance are listed:
- Different kinds of disability insurance coverages include group insurance plans from your employer, individual insurance plans and government plans such as Canada Pension Plan Disability insurance and Workers’ Compensation.
- When purchasing an individual disability insurance policy, it is important to check how your plan defines injury (both physical and mental).
- Medical questions/exams are part of the process of applying for individual disability insurance. the extent of such questions/exams depend on your age, and some other factors. For basic group long- term disability insurance, it might not be required.
- If your occupation is categorized as OWN OCCUPATION in the policy, you will continue receiving monthly benefits if unable to return to your pre-disability job.
- If you, on the other hand, have ANY OCCUPATION coverage, if you find another occupation totally different from your pre-disability one, your disability benefits will stop.
- Your disability insurance policy gives you the details such as the elimination period which is the period you need to be disabled before your monthly benefits begin (usually 60 or 90 days) and the maximum amount of money you should receive and for how long the monthly disability benefits will last.
- The longer the waiting (elimination) period, the less monthly premium you will pay.
- Group disability policies usually provides ANY OCCUPATION coverage.
Our expert team at Forever Insure is always ready to provide the right consultation to you and thus help you make the right
choice on which disability insurance best suites your case.
Due to the great variety of conditions and facilities in preparing and using any kinds of insurance, it is recommended that you consult with one of our insurance advisors before making any decision. Our expert team at Forever Insure is always ready to provide the right consultation to you and thus help you make the right choice.
For more information, please contact one of our advisors at Forever Insure for a free consultation.