Author : einsured Admin
Disability insurance can help protect you and your family’s income if an unexpected illness or accident leaves you unable to earn a living.
People usually give more importance to death benefits than living benefits. “Living benefits” is the term used in the insurance industry for benefits which are paid out when you are alive through disability insurance or critical illness insurance. They cover a living person’s lost income due to an unexpected illness or disability. In this blog, we will discuss the key benefits of buying disability insurance.
What Is Disability Insurance?
Disability insurance, also referred to as one of the income protection insurance, provides protection against loss of income due to an accident or sickness. This insurance replaces 60% to 85% of your regular income for a specific time duration. When premiums are paid after tax income, benefits are non-taxable too.
Why Buy Disability Insurance?
What would happen if you got hurt while commuting to work and could’t go to work for a few months? What about an illness which will take a year or two to recover? If you are the primary earning member of your household, it can result in financial hardship.
According to the RBC insurance survey, 50% of the Canadians have disability insurance, and the figure keeps growing. This points towards the increasing awareness and need of purchasing disability insurance to protect yourself and your dependents from any financial trouble.
You must Buy Disability Insurance if:
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