Disability insurance is a form of income insurance that many people believe they won’t need. However, not having insurance for disability puts the worker’s family at risk if an injury or illness that is unexpected, like cancer, is triggered.
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There are many misconceptions regarding the mandated disability insurance. Let’s look at the five main ones:
1. Workers’ Compensation Regardless of How Employees Are Disabled
Workers Compensation Insurance offers an amount of wage replacement to injured workers working. It’s known that most injuries and illnesses aren’t related to work
2. Employers Can’t Purchase Disability and Workers’ Compensation Insurance Together.
The fact is that combining workers’ compensation insurance and disability insurance permits agents to provide customers with the convenience of 24-hour coverage. It includes workers’ compensation insurance for injuries sustained on the job and disability insurance for off-the-job injuries, illnesses, and pregnancy. Through logging on to Ottawa Life Insurance Online, agents can apply for Disability Benefits Law coverage on an existing Workers’ Compensation policy in just a couple of clicks. Claims are processed faster on disputable claims for workers’ compensation and faster payments if a single company issue both the guidelines.
3. Disability Coverage Covers Medical Expenses
In reality, disability coverage covers a part of lost wages so that the insurance recipients can pay their bills even if they cannot work. It doesn’t pay for medical expenses.
4. Mandatory Disability Insurance Is Sufficient for Most Workers to Make Ends Meet
Ottawa companies must provide part-time and full-time employees who have required disability benefits under the Disability Benefits Law, but this coverage can only replace the salary up to $170 weekly in wages. A few of us can survive with this. It’s the reason it’s crucial to think about the possibility of adding additional benefits for wage replacement that are enhanced coverage, like the DBL Deluxe insurance offered through Ottawa Life Insurance, Ottawa.
5: Employers Can Purchase Any Short-Term Disability Insurance Plan for Their Employees to Comply with the Law
The truth is that many large corporations do not understand the compliance requirements of legislation like the Ottawa Disability Benefits Law and attempt to cover all employees across the nation with the typical short-term insured group disability plan. Most often, the group STD plans don’t comply with the state’s requirements, so the business isn’t compliant. It’s best to choose an insurance provider that has DBL coverage.
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Ottawa Life Insurance is here to assist you with your personal and business insurance needs. Contact us at (613) 454-1424 or info@ottawa-lifeinsurance.ca for more information.
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