Disability Insurance

Disability Insurance- An income replacement plan.

For most of the working people our entire life style is dependent on our income. It may be the income we bring home by working on a job or running own business. But what would happen if we get injured or get sick and become unable to work for an extended period of time.

For a lot of us if we get injured at work, we may be covered by the workers compensation to replace part of our income. But that may not be enough. Or if we get injured while playing some sport or just doing something at home then WCB will not cover. You may not have the income if WCB or ICBC or other employee benefit plan does not replace some or all of your income. How will you survive?

How does it work

Disability insurance can play a major part in replacing your some of your lost income while you are disabled. There will be some conditions and limitations on the policy depending upon the type of policy and type of your occupation. There may be a waiting period and benefit period that you will have to choose from when buying the policy. Waiting period, benefit period, your occupation, age and gender will affect the premium for a disability insurance policy.

Financial Security.

Disability insurance can provide the much needed financial security in case of a prolonged illness or injury. Statistically speaking one in three Canadians becomes disabled for 3 months or longer before reaching the age 65. Some of the employers do provide some disability insurance in the employee benefit plan, but you could lose the benefit if you change the job and the next employer may not offer the similar benefit package.