Disability insurance Etobicoke, Burlington, Ontario

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Disability Insurance in Brampton Covers your Loss of Income

Disability insurance offers coverage for a portion of your income if you become incapable of working due to an injury or illness. In other words, the insurance company will pay you a certain percentage of your monthly wages, which helps you cover your expenses and as well as prepare for the unexpected and protect yourself and your family. Some companies pay if your injury lasts for a long time, while others will offer coverage only for a short term, i.e., right after an incident. If you are thinking about applying for disability insurance Georgetown, you have found yourself in the right place. In this blog, we discuss the nitty-gritty of disability insurance, how many types are there and what are its benefits. Read on!

The insurance does cover your monthly mortgage payments so you don’t need to worry about being a defaulter and paying a penalty amount.

If there is an urgent need for cash, Disability Insurance can cover that as well. This is subject to the nature of the situation and the amount of money that you need.

If you are recovering from surgery and have to go for doctor consultations and rehabilitation sessions, this type of insurance is the perfect choice for you.

If you pay the entire premium amount on your own, you will enjoy tax-free disability benefits.

Varieties: How many types of disability insurance are there?

There are several types of disability insurance available in the market and the factory that categorizes them is the duration of the policy. In the following section, we summarise different categories of disability insurance policies available in Canada. Have a look

Long-term disability insurance: Long-term disability insurance, or LTD, replaces a percentage of your lost earnings over an extended period. The policy benefit period may continue anywhere from a year until you reach the age of retirement and the monthly payment can equal up to 70% of your total monthly earnings. There are two types of LTD policies:

1. Own-occupation disability insurance: Identifies a disability as a lack of ability to perform your usual job. This policy pays benefits even if you can perform a different job.

2. Any-occupation disability insurance: This only pays benefits if an illness or injury stops you from providing value in any occupation for which you are reasonably suited. You should know that this type is tougher to qualify for and is hard to prove. However, it costs less than its counterpart.

Mortgage disability insurance: If you cannot work due to injury or illness, LTD insurance may provide coverage for your mortgage payments. This type of insurance is specific to mortgages and can be purchased to protect you from a prolonged absence.

Supplemental disability insurance: This type of insurance will help bridge the financial gap between benefits provided by an employer-sponsored disability insurance policy and the overall cost of living while disabled. In other words, it will come in to cover your extra expenses (things that are not covered by your current employee disability policy). A disability insurance Caledon broker would suggest this type of policy when you know you’ll be facing a lot of costs and have a good feeling that your employer’s disability check won’t be enough to cover them all.

Protect your family and yourself with Disability Insurance

Whether you are looking for Short- or Long-Term Disability Insurance, we are here to help. Contact us now.

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