| Get Life Insurance Quote Online: If you had no income, how would you pay your bills?The purpose of disability income insurance is to provide the income so that you can maintain your life style until you are cleared to return to work. It transfers the financial risk associated with a serious disability from you to an insurance company. Recent industry statistics from Manulife Financial show the following cumulative risk of suffering a period of disability lasting at least 90 days: The risk of disability depends on your age, sex, chosen elimination period and occupational factors, however, once disability does occur, chances are it will last several years. Disability insurance policies differ significantly in what is covered, how long they will pay, and how they define your income on which they do pay. There are too many considerations to provide meaningful instant quotes. Let one of our professionals work through how much of a monthly benefit you need and then help you select the policy that would work best for you and still be within your budget. Ask yourself, would you rather have a job that pays $60,000 per annum (or whatever you do earn) but nothing if you were disabled and could not work or one that paid between $57,000 and $58,000 (96% to 98% of your current income) but if you were disabled it would pay you a tax free monthly income to age 65. If you do not have disability insurance through your employment you need to seriously consider this whether you are single and particularly if you are married. Get Life Insurance Quote Online If you are single you could go back and live with your parents. Take a moment and complete the following form and one of our professionals will contact you, usually the same day for following business day. For a conversation about how we can help. Click here to request an article on “Disability or Critical Illness Insurance – What Do You Purchase First” including 5 important tips for business owners. Two tables follow from Manulife Financial. The first one provides a breakdown of the reasons for claims and the second gives examples of claims and how long they lasted. It is interesting to note 30% were from mental disorders and nervous system issues. Workman’s compensation would cover only about 8% of these claims and Critical Illness insurance would have paid a claim on between 16% and 26% of the claims that were paid through the disability insurance. Yes it is possible to have a claim on both policies for the same illness. |
