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 There
are only four companies in Canada offering non-cancelable individual
disability insurance. Each company has various products and each one
is better for certain cases. At DeWinter Financial we deal with all
four companies so we can survey the entire market and save you time
and hassle in finding you the best plan at the best price.
Those who are self-employed may need some protection for such
eventualities. As for most protection, be sure you understand
what you need, and what you are buying.
Who
would pay the bills if you were laid up? Your family may be well
protected by insurance on your life, but would they be exposed to
financial hardship if you were unable to work?
It's a
risk you shouldn't ignore. There are 3.3 million disabled Canadians;
just a few are children. Almost 1.8 million of the disabled are
between the ages of 14 and 64. For most, the condition interferes
with the kind and amount of work they're able to do. You may find it
hard to believe that you could be felled by an illness or an accident,
but a third of all people now aged 35 will be unable to work for at
least six months before reaching age 65. The chances that you'll
suffer rather than die before retirement are close to three to one.
Getting a handle on
protection can be frustrating. In terms of life insurance, if you die,
you collect, and if you don't, you don't. But what constitutes a
condition? It's complicated by definitions, exclusions, occupational
classifications, and a raft of options. When you're looking for
protection, you have to know what the policy means by the term
"disability." This is the policy's definition," and you should Read it
carefully. There are three common definitions of disability: "Own
occupation" or "regular occupation".
Thus, a sales agent
with an �own occupation� policy who
developed a mental disorder that impaired his ability to deal with the
public would be considered disabled, even if he was working full time
in some other job. These policies are well suited to those occupations
that demand special education or experience and are sensitive to even
minor health problems. Surgeons would be considered disabled if they
developed a nervous tremor; airline pilots would be able to collect
benefits if they suffered an eye injury. On the other hand, an
accountant could lose an eye, a hand, or a foot and still work as hard
as ever. Some companies add the phrase "and not otherwise gainfully
employed." These few words significantly water down the protection.
Some companies add "one or more of the essential duties of your
regular occupation."
Call Bill DeWinter
- Toll Free:
1.888.665.7534
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During
one's working career, there are often financial and family commitments
which must be maintained. In the event of a disability, one is unable
to work and income is at risk. Some employers offer some sort of
combination of short and long term disability as part of their
employee benefits package, but other employers include or offer less
coverage.
