Keep Moving Even If Your Paycheque Stops
Say No To Financial Worries
We at iSmart Insurance can help you secure a portion of your money if anything unforeseen happens that prevents you from working. Disability Insurance pays you an amount if you’re not able to work because of an illness or accident. Group disability insurance is a benefit that you can receive from your employer. Individual disability insurance is an option that you can obtain independently. Generally, there are two options when it comes to disability insurance – short-term and long-term. Individual disability insurance is usually for a long period of time. Companies rarely offer short-term disability insurance. We will get coverage to you from the best insurance companies in Canada.
You should have long-term disability insurance if you and your dependents are dependent on your salary to survive.
It is vital to have disability insurance as part of a sound financial strategy because it insures you against long-term disability resulting from an accident or illness. A portion of your income is replaced, meaning you don’t accumulate crippling debt or declare bankruptcy.
The following are the benefits of individual disability insurance:
Your family is covered by life insurance in case you pass away. Still, disability insurance makes sure your family is not left without an income if you get injured. Disability insurance can help you feel more secure. If you become disabled, it helps protect your assets, such as your family home, savings account, and retirement fund. When you pay the premiums over the course of your working years, your policy remains in force.
Disability insurance premiums and benefits are greatly affected by your occupation. The insurance provider will assign you to a job classification based on the following factors:
- Your job duties and responsibilities.
- Work environment.
- Dual occupations.
- Your current health status.
Insurance companies offer different benefit terms, but they are generally two, five, or until age 65, 67, or 70. It is most common to choose long-term disability coverage, which pays benefits until a person’s disability ends or they retire. Long-term disability insurance is generally tax-free since it is an individual policy.
In most cases, your employer provides you with disability insurance. In such a case, if your employer pays the premiums for your disability insurance and deducts the cost of your disability benefits, you will have to pay the tax.
“Offered under Experior Financial Group by Insure Smart Financial Ltd.”
“All Life & Accident sickness products sold by Insure Smart Financial Ltd under license from Experior Financial Group.”
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