Why is Disability Insurance Considered a Life Saver?
Choosing the best insurance for your life can be perplexing as there arise many questions on disability insurance. Would it really be worth it? This article walks you through the importance of disability insurance and depicts how it becomes your lifesaver when you’re in a financial crunch.
What is disability insurance?
Disability insurance is inevitable that helps you pay your essential expenses when you encounter an accident or illness that keeps you from working for a while.
What to consider when buying disability insurance?
Before choosing disability insurance, get to know the benefits of disability insurance and also the timeline of the insurance. Let’s get down to business. Term length ranges from two to five years with a maximum age of 60 years. There is a major difference between short-term and long-term disability insurance in Canada. Do you still need help choosing an insurance policy? Get in touch with Duralegacy, a first-rate insurance brokerage in Ajax.
What are the general disability insurance features?
You can get a replacement on your income if you get sick. The benefit period may vary depending on the type of insurance you acquire such as long or short-term insurance. Moreover, you are not liable for taxes on these benefits if you claim them.
Is disability insurance worth it?
Life is uncertain. Anything can happen at any time. Disabilities are more common than people think. Disability insurances are the only insurance policy covering the amount equivalent to your income for the entire disability period. Disability insurance lays financial safety during your disability period. Duralegacy financial services are considered the best insurance brokerage in Ajax.
Types of disability insurance
Disability insurance can either be short-term or long-term. Short-term insurance offers you 70% of your income during the disability period that typically last for up to 6 months. Short-term disability insurance provides you with a shorter waiting period when compared with long-term disability.
The maximum payout from long-term insurance is 60% to 85% of your regular pa that frequently last for up to 2 years or more subject to the type of policy you take. Individual disability insurance ensures you are fully covered if you become disabled for a long time. Professional advisors recommend long-term disability insurance over short-term disability insurance.
Duralegacy is the best insurance broker in Ajax dedicated to making lives insured and building legacies. When it comes to choosing insurance policies, Duralegacy understands your objectives and chooses the policies that insure your lives to the fullest extent possible.
