What Is A Disability Insurance Occupation Class?
The cost of disability income insurance depends on many factors, like your age, gender, and smoking status. But did you know that your occupation plays the biggest role in determining how much you have to pay?
In this post, you’ll find out what occupation class you belong to. You’ll also learn how you can upgrade your occupation class so that you can pay the lowest rate possible for disability coverage.
Critical Illness Insurance vs Disability Insurance
Disability and critical illness insurance are a vital part of a sound financial plan. One protects you if you become disabled, while the other does if you become critically ill.
But how exactly do they work? And if you had to choose, which one should you prioritize?
In this post, we explore the key differences between disability and critical illness insurance.
Best Disability Insurance Companies In Canada In 2024
Getting long-term disability insurance is the most important thing you can do to protect your income. A disability policy pays you a monthly benefit if you can’t work due to an illness or injury.
But how do you determine which disability insurance company is the best? We researched the top insurers based on financial strength, product offerings, and more to show you where to get your disability coverage. Read on to see which insurance companies made the list.
Demystifying Disability Insurance Underwriting
When you decide to get long-term disability insurance, you can apply to the insurance provider. But the application is only the first step. Next is underwriting, where the insurance company assesses if you are a good fit for disability insurance.
Besides your health, what other factors impact the underwriting process? Do you need to undergo a medical exam to buy disability insurance? Get the answers to these questions and much more in this post.
Which Disability Insurance Riders Should You Get?
Long-term disability insurance pays you a benefit if you can’t work because of an illness or injury. But while a disability insurance policy is essential, the base policy only gives you the minimum coverage. To get the best disability policy, you’ll need to add disability insurance riders.
Disability insurance riders are optional benefits that enhance your disability policy. But which riders should you get and which ones aren’t worth it? Read on to find out.
How To File A Disability Insurance Claim
Disability insurance can serve as income replacement if you can’t work due to an injury or illness. While anybody with gainful employment should have coverage, nobody wants to go through a disability claim.
But statistics show one in three people become disabled for 90 days or longer before 65. So if you’re wondering how to make a disability insurance claim, this post is for you.
What Does Disability Insurance Cover?
Long-term disability insurance pays an ongoing benefit if you can’t work in your job due to an injury or illness.
The advantage of a long-term disability insurance policy is that the definition of a disability is extensive. As long as an illness or injury prevents you from doing your job, you should qualify for disability insurance benefits.
But what types of disabilities are covered? How do you define a disability? And are there any exclusions or limitations?
In this post, we explore what disability insurance covers.
What Is Disability Insurance?
Disability insurance protects your most valuable asset—your ability to earn an income. Without it, chances are you won’t meet your ongoing financial obligations if you become disabled. It will be a struggle to pay your mortgage, buy groceries, and maintain your lifestyle.
So how does disability insurance work? And if it’s such a critical part of a financial plan, why is it so often overlooked?
In this post, we explain what disability insurance is and how you can protect your most valuable asset.
Business Overhead Expense Insurance In Canada
Small business owners purchase personal disability insurance to protect their income if a disability leaves them unable to work. But while that helps pay for personal expenses, it doesn’t cover the ongoing expenses of the business.
You still have fixed business expenses that continue even if you become disabled. Rent for your commercial office, employee salaries, equipment leases, and utilities are just some of the overhead expenses you need to pay to keep the business running.
Without any protection, your business might not have the means to endure a long-term disability.
That’s where business overhead expense insurance can help. It covers your ongoing expenses, so you have a business to return to when you recover from your disability.
How To Buy Disability Insurance In Canada
When asked what their most valuable asset is, most people would conclude that it’s their home. But did you know that your most valuable asset is your ability to earn a living?
Think about it, from the day you start working to the day you retire, you will end up making millions of dollars. This is worth more than any physical asset you possess.
But if you suddenly lose your ability to work due to an injury or illness, how will you cope with the loss of income? How would you maintain your standard of living? How long would your savings last? What would happen to your retirement plans?
That’s where disability insurance can help. It replaces your income when you need it the most, so you can focus on returning to work.
But how do you buy disability insurance? In this post, we guide you through the steps of purchasing disability coverage.
