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Disability Insurance
Individual disability
insurance is designed to help meet the risk of losing the ability to
earn income due to an accident or sickness.
As an Employee,
you have:
- Workers
Compensation benefits for accidents occurring on the job
- Employment
Insurance benefits for accidents off the job, and sickness.
These benefits are payable after a 2 week waiting period to a
maximum benefit period of 15 weeks
- Your
employer MAY provide long-term disability insurance.
This insurance would be part of a Group Insurance package and
the premium should be deducted from your pay cheque to ensure the
benefit is received tax free, if needed. (Components
of an Employee Benefit Plan)
- Personal
Disability Insurance - Provides income in the event of an accident or
illness (How
much do I need?)
If you have amassed large
amounts of debt, your inability to earn income, even for a short while,
may result in your inability to cope with that debt.
Many people are
self-employed or work for employers who do not provide disability
insurance through a group plan. If
you suffer a serious disability, even one lasting a few months, you may
lose everything you have worked for.
As Self-employed ,
you do not qualify for Employment Insurance, therefore you have to make
plans to replace your income.
Your options are:
- Group
insurance providing Weekly Income and Long-Term Disability
(see Components of an Employee Benefit
Plan)
- Personal
Disability Insurance
- Business
Overhead Insurance
- Provides a monthly payment to cover
business expenses incurred during your disability
(How
Much Do I Need ?)
- Business Loan Protector
- Disability Buy –Sell
- Provides funds necessary to purchase
a disabled partner’s or shareholder’s share of the business
(We
would like to Discuss)
I Would like a Disability Quote
I
would like a Business Loan Protection Quote
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