Unlike other forms of insurance, a common safety net that is often overlooked by customers—whether you’re an employee, business owner, or someone looking to cover their bases— is disability insurance.
So, what exactly is disability insurance? Why is it important? And why should you consider purchasing this additional insurance plan for yourself?
What is disability insurance and how does it work?
Disability insurance protects you in the event you become disabled and are no longer able to work or earn an income. While the terms and conditions will vary between policies and insurance companies, this type of insurance will cover up to 80% of your earned salary up to a certain amount of time.
While some employers may offer disability insurance as an aspect of your group benefits plan, others may not or the coverage may not be sufficient.
Who needs disability insurance?
Disability insurance is an essential aspect of financial planning for you and your family. Whether you’re employed by a company who doesn’t offer benefits, own a small business, have children, or are married, or single, disability insurance is for everyone.
Accidents and illnesses can happen at any time, leaving you unable to work for long periods of time. Disability insurance serves as a well-needed safety net that will ensure you’re able to pay your bills until you’re able to go back to work.
How much does disability coverage cost?
Similar to other insurance policies the cost of disability coverage will vary between customers. So, how exactly are premiums calculated and what factors will insurance providers take into account? Here’s a closer look:
- The amount of coverage you want to purchase.
- How long of a payment period you wish to have should you need to file a claim with your insurance company.
- How long you will need to wait before your benefits will kick in. For example, a shorter waiting period may result in a higher premium, than a longer waiting period.
- Your age and gender.
- What you do for work. For example, if you have what is considered to be a dangerous occupation, the associated risk of your job will lead to more expensive premiums, compared to someone who doesn’t work in a dangerous field of work.
- Depending on the insurance company you choose, they may also take your current health and healthcare history into consideration.
Get disability insurance with Oracle RMS today!
Without disability insurance, you’re leaving yourself vulnerable against financial instability, should you not be able to work for a variety of different reasons. But, with the help of disability insurance, you can have peace of mind knowing that you and your loved ones are covered against unforeseen circumstances. At Oracle RMS, our insurance brokers have years of experience partnering with customers on their journey to acquiring customized protection plans tailored to their unique needs and budget.
As a leading brokerage across the GTA, we have access to some of Canada’s top insurance companies and are able to help you shop around for the best policies available. For insurance solutions from the convenience of your mobile device or tablet, check out our free, disability insurance quote! We look forward to working with you.
