Disability Insurance: If I’m in Good Health, Why Do I Need It?

Posted on November 10, 2011 in Disability Insurance, Life Insurance Canada News

Many of our clients often ask, “If I’m in perfect health, why do I need disability insurance now?”

What they don’t realize is applying for disability insurance coverage while you’re in good health makes perfect sense. In most cases, insurance is not purchased at the exact moment it is needed. Case in point: we all know it’s too late to insure your house after it has already burned down.

Similarly, it’s important to investigate disability insurance while you are still healthy enough and young enough to qualify. Applicants over 50 are more than twice as likely to be declined than applicants under 40. If that isn’t reason enough, younger applicants pay a much lower premium, and many disability insurance policies allow the insured to lock in a level premium for the life of the policy.

However, be aware that there are many variables that influence disability insurance premiums. These include: the insured’s occupation, health status, smoking status, gender, the monthly benefit amount, the waiting period, and the benefit period.

For more details on disability insurance in Canada, please contact us at 1-866-899-4849 or visit our Disability Insurance Instant Quote Page.

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2 Comments

  1. Ross 08/29/2013 at 6:56 pm

    I think disability insurance is far more impoertant than life insurance for among other reasons you still have the cost of upkeeping yourself. If you die your dead and this cost is removed.

  2. LSM Insurance 08/30/2013 at 12:32 pm

    Ross you make a good point. I think both life and disability insurance are important. But you are correct you still have to cover your expenses if you are disabled.

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