10 Facts You Need To Know About Disability Coverage
Imagine not being able to work and earn a living for your family. It’s not something most people want to think about on a daily basis. Protecting your livelihood with adequate disability insurance can mean the difference between maintaining your standard of life or being forced to make drastic cuts in household spending after being hit with a life-changing injury or illness.
Your ability to earn a income is your single greatest insurable need. Being prepared for the worst and having adequate protection in place is key to ensuring your family will not suffer any decrease in their standard of life should you suffer from a disability.
The first step is understanding how much coverage you need and are eligible for. The next step is to find out how much existing disability insurance you currently may have in force and the definitions of disability that cover you. Many Canadians don’t even know how much of their income is covered or the definition of disability used under the workplace group insurance plans.
It’s a good idea to employ a broker who can help you determine your disability insurance needs, uncover existing coverage features and benefit amounts, and then offer top-op or replacement plans. This way you are covered for as much disability insurance as legally permissible, without overpaying for coverage you can never claim on.
For more facts on disability insurance, check out our infographic below.
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