Disability is more financially disastrous than an accident. 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 handy. This insurance can replace for your lost job. Now, 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 maximum two years whereas Long Term Disability Insurance has benefits that can last for rest of your life.
Well, the answer is a pure yes!
Disability can impact your life in more ways than you think it can. If you are suffering from some illness or alignment, then it can impact not only on your health but also your finances.
Not only it can give financial trauma but can also disturb your lifestyle and family’s financial security. With so many medical bills for the 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 does occur.
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 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 few more shells but about the benefits it provides.
Secure Life Insurance offering Drug & Dental Insurance and Critical Insurance also.
Once you decided on the company for your life insurance policy, you should be careful in understanding the benefit from the policy. If you choose a plan whose amount is smaller than what you actually need, can 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 of your benefits.
An insurance agent is responsible for asking you about the risk factors that will determine your category involved in taking a particular policy. These questions involve your family’s medical history and your health, in addition to your lifestyle habits or that might affect your health in the future. For example smoking and some dangerous hobby changes 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 been accepted and acknowledged the life insurance policy, tell your family members about the insurance policy. Want to know more? Contact us and meet our insurance agent 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.