Disability insurance is a way to replace lost income if you are unable to work because of injuries or illness. Consider it an insurance policy for your pay that is probably your most important asset. Long-term and short-term disability insurance can help you keep from dipping into savings or entering debt in an emergency by offering a proportion of your earnings.
Who Needs Disability Insurance?
Disability insurance is also essential for self-employed people. Suppose you financially support spouses, partners, children, elderly parents, or grandparents. In that case, disability insurance may offer protection and aid in ensuring that they’re looked after if you cannot work because of the disability claim.
Indeed, the majority of disability claims don’t result from work-related injuries. Most claims stem from illnesses such as cancer, pregnancy, back pain, carpal tunnel, and mental health problems like anxiety and depression. Long-term disability insurance can take over where short-term coverage ends, offering additional 90 days up to one year following the termination or waiting period.
Besides traditional benefits such as health or life insurance, many workers get also convinced that unpaid leave is an essential benefit. Experts such as Ottawa Life Insurance recommend choosing the long-term disability insurance plan for the most complete and affordable coverage.
Does Disability Insurance Make Sense?
A lot of employers provide short-term disability insurance, which will use to replace up to 60% of your earnings for a period of three to six months, subject to the policy of the company. This policy is contingent upon your employment at the business. If an injury or illness causes you to lose your job, the benefits of your disability insurance will also fail. You are in charge if you apply for extra disability insurance. As the policyholder, you can choose precisely the amount you’d like to get every month in the form of an allowance and how long you’d like it to last.
How to Obtain Disability Insurance
What safeguards do you put in place for your finances? Expert, full-service health benefits consulting firm Ottawa Life Insurance provides employees with various uses, including accidental death, dental, group life insurance, small-business health insurance, and disability insurance. Contact Ottawa Life Insurance at (613) 454-1424 or info@ottawa-lifeinsurance.ca to learn more about how disability insurance can help you and your loved ones protect against income loss due to illness or accident.
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