“…Andrew was instrumental gathering claim information then calling all the specialists involved.
Today I am fortunate enough to have a $ 100,000 tax free cheque delivered to me by Andrew Burdi from LSM…”
Female, 35 years old, non-smoker, no serious health pre-conditions, disability monthly benefits of $7,500, sixty day elimination period and age 65 benefit period
$312 per month
Male, 30 years old, non-smoker, no serious health pre-conditions, disability monthly benefits of $5,000, thirty day elimination period and 5 year benefit period
$263 per month
Female, 42 years old, non-smoker, no serious health pre-conditions, disability monthly benefits of $10,000, ninety day elimination period and age 65 benefit period
$509 per month
Disability insurance is a type of insurance that substitutes part of your income should you become disabled. Unlike other forms of insurance, disability benefits do not come as a lump sum, but as monthly payouts.
Disability cases are clearly defined in an insurance policy and have a number of special conditions defining waiting times (elimination period), the types of work in which you can be engaged after disability, and much more.
Disability is one of the insurance coverages that you always need if you have a stream of income, and especially if people, such as your family members, rely on this income.
Here are a few things to know
Here is a brief comparison to show how disability insurance compares to critical illness insurance.
|Critical Illness Insurance||Disability Insurance|
|Purpose||Lump sum that can be used in any way the beneficiary wants||Covers part of the beneficiary’s lost income due to a disability|
|Coverage Payout||One time lump sum||Regular monthly payments|
Disability insurance rates are determined through numerous aspects, such as:
Disability insurance costs are higher than term life insurance costs.