If you’re a professional working or an owner of a business, you’re the ideal prospect for insurance companies that offer the most up-to-date and famous “peace of mind” product. It is essential to see past those “feel good” marketing tactics and fully understand what you are buying. You should clearly understand loss if you’re looking to buy an insurance policy to cover disability to transfer risk. You are protecting that you can earn a decent salary.
Disability insurance takes care of the risk of an injury or illness which hinders your ability to carry out the primary tasks in your work. It is not to be confused with Critical Illness insurance, which provides a financial benefit when diagnosed with a severe or life-altering condition like cancer.
The Following Are Some of the Most Common Disability Insurance Myths to Be Aware Of:
Myth # 1: There Are Odds in Your Favor:
Many believe that the chances of suffering an illness or injury that can end your career are meager. The case of a 20-year older adult getting disabled at any stage in their career is one out of four. It is a chance that 25% of your earnings potential will get impacted in your professional career.
Myth #2: My Business or Job Will Take Care of Me
If you get injured at work, research has shown that 90 percent of disability claims get caused by events outside of work. Additionally, it isn’t easy to obtain workers’ compensation benefits and not start paying you right away. In the end, do you have a higher chance of sustaining injuries at work that we believe has numerous safety protocols or going skiing in your spare time?
Myth #3: The Majority of Disabilities Result from Single-Time Catastrophes
Although some disabilities are indeed due to a car accident or any other accident that is a freak one, however, one-time accidents are only 10% of disability claims. Most claims arise from chronic ailments, like joint pain, back issues, and other commonly seen disorders.
Long-term and short-term disability insurance is necessary for everyone regardless of whether you’re employed, self-employed, or run an enterprise. Particularly for business owners offering disability insurance is essential in any benefits package provided by a company.
For more information on Disability Insurance benefits and income protection for your business or family, please contact Ottawa Life insurance today at (613) 454-1424 or send us an e-mail at info@ottawa-lifeinsurance.ca.
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