Disability Insurance for Professionals

Understanding The Inner And Outer Workings Of Disability Insurance

Whether a disability is brought of suddenly or it is the cause of a degenerative condition, it is an urgent matter that should be taken seriously. Certain disabilities can rob you of the right to earn a living for you and your family, which will leave you in financial ruins. This is where disability insurance can come in handy. Disability insurance can provide you with coverage in the event that there is a chance that you could lose income and be unable to pay your expenses.




Why Is This Insurance Important?

It is a sad fact that this type of coverage is often times overlooked. People always recognize the need for life insurance, but disabilities are often never considered. Research and studies show that on an average 1 in 3 people will be disabled for 90 days or more at least one time in his or her life before they age the age of 65. Some disabilities can last for months or even years. The true fact of the matter is that when you are disabled due to an injury or illness, your income is going to stop, but your creditors will not stop asking for payment.

If you work in a high-risk work environment you already know the chances of getting injured can be very high. When you add the risk of random occurrences this type of insurance seems like a win-win situation.


Applying For Coverage

Unlike other forms of life insurance, disability insurance approval will require a physical exam. This should not cause any issues, since most injured and chronically ill people are often visiting their primary healthcare provider. An insurance advisor will assist disabled applicants that are unable to complete the paperwork. Be sure to speak with your partner or spouse about your disability coverage need. Your needs will depend on your existing life insurance coverage, outstanding debts, and the number of dependents you support.

The process will not take very long, so you will not need to worry about being uninsured. If you have any unanswered questions after reading this article, please feel free to contact one of our advisors, by phone or email. This will provide you with the information you need, so you can be prepared to acquire the precise plan needed for your individualistic situation.


Non-Cancellable Guarantee

Many accident victims may be under the impression that their injury will only keep them temporarily out of work. Unfortunately, this is not always the case, because many injuries are so severe that the individual is unable to return to work. If this happens, you may find yourself worrying about your insurance policy being cancelled. This is why you should opt for a plan that offers a “non-cancellable guarantee”. Basically, this means that the policy can never be cancelled and the premiums will never increase, while the contract is still active.




Understanding A Disability

It is absolutely essential to take the time to learn about potential disabilities. Remember that this specific type of coverage would not take effect, until you have been disabled. Although this may seem fairly straightforward, some will experience a different types of disability than others. A disability will not always be associated with a serious injury. This is definitely the most common way Canadians become disabled, but it can also originate from a terrible illness or even a mental health issue. And, you should remember that the duration of the disability can also vary. It may be short or long-term. With the right policy, you will be able to protect from all different types of disabilities and for any duration whatsoever.


Physical Exam May Be Required

When attempting to acquire this type of coverage, the insurance provider may require you to proceed through a physical exam. This is done to ensure that you are indeed in good health at the time of enrollment. You may also be asked to submit other medical records and financial information. Being as transparent as possible is vital and will help to guarantee you’re able to get the coverage you need! In order to get this type of insurance, you must be in good health. The disability will need to occur during the lifespan of the insurance policy, in order for the insurance to come into play.


Know Your Needs

Before trying to enroll, it is a good idea to learn about your precise needs. How much money would you need to survive each month, if you were forced to leave work for an extended period of time? What would be needed, so you would be able to maintain your previous standard of living? Take the time to tally up your monthly expenses, so you can know precisely how much coverage you need to survive until you can get back upon your feet. Be sure to take all costs into consideration, including your rent, car payment, loan payment, utility bills, taxes, and other expenses.


Regular Payments Or One Payout

You should know that insurance products available to Canadians are very diverse. Some disability insurance plans will pay out each month, until you’re able to return to work. This is a good way to supplement your work earnings, while recovering. There is also the critical illness insurance plan. With this type of policy plan, the insurance provider will give you a single payout when you get ill. Both can be helpful, so you will need to choose the best solution for your specific situation.