Disability Insurance facts

Disability Insurance facts
  • For someone under 65, there is 60% more likelihood to become disabled than to die without any ailment.
  • The second leading cause of bankruptcy in Canada, behind over extension of credit, is a disability of some kind. An injury or an illness leads to a disability which generally creates an inability to work in your regular occupation. This could lead to serious financial problems like a reduction in income, liquidation of assets and further bankruptcies.
  • Despite these serious implications, most Canadians either do not have Disability Insurance, or they have something but are not sure how it works or the coverage is not adequate as it might not be regularly reviewed.
  • There could be some disability Insurance from your work, but usually people do not know how it works and it could only be valid till the time you are employed with that employer. Most group disability plans have limitations regarding the amount of benefit being a low percentage of income, the period of benefit could be inadequate.

Disability Insurance is an income benefit and hence that is what makes it a little more complicated. Please feel free to contact me for a Quote or more insights on Disability insurance. Here are some very frequently asked questions and we can customise the answers for you:

  • What are the different definitions of disability?
  • What are the benefits and demerits of Non-Concealable and Guaranteed Renewable coverage?
  • How can the probability of the claim payout be maximised?
  • What are the most common riders to the policy?
  • Am I covered outside of my work?
  • Is my occupation covered?
  • Can I be over-insured? What happens if I have more than one coverage?
  • What elimination and benefit period are right for you?

Disability Insurance from RBC Insurance

RBC Insurance has four Disability Insurance Plans

1. Professional Series¬†policy provides a long-term individual disability income protection to fee-for-service /non-salaried professionals…

 

Different Definitions of Disability Insurance

Unlike Life Insurance which is quite straightforward, Disability Insurance can be a little more complicated and technical. One of the things important to understand in a Disability Insurance policy the definition of Disability.

 

 Disability Insurance is an income benefit and hence that is what makes it a little more complicated. For further information on Disability Insurance, please feel free to contact Aman Kapur at www.youinsuranceguy.ca or by phone 1-416-509-2540 to assist with the plan of your choice. Or simply click here to request a quote

 

 

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