What is disability insurance?
In short disability insurance protects your greatest asset – your ability to produce an income. This is your livelihood and ability to keep your roof over you and your families head and food in their mouths.
“I have group insurance… I’m protected”
The short answer is maybe… A standard group contract has 2 definitions. The first one states that you are paid out if you are sick or injured and unable to work if you cannot do one of the major components of your regular job (the job you perform right now). So if you are entitled for coverage under this definition, you will get you 67% (on most policies) which will be roughly what you receive in your jeans pocket after taxes are taken off your check currently (provided the benefit isn’t taxable). This definition typically goes on for 2 years.
After two years, this definition will change to any occupation you are capable of doing… even if it’s completely unrelated to your current occupation, or results in a steep pay cut. There is a caveat though. If you are still unable to do any sort of occupation (ie you are stuck in a bed) you will typically continue to receive coverage until age 65… This happens in only a small percentage of the cases.
With an individual policy we would ensure you and your family are protected. This means that as long as you cannot perform important parts of your current job, we will ensure that what you get in jeans pocket right now is what you will get even if you can’t work due to sickness or injury. Then we will ensure it doesn’t change on you just because you can work in a different job. In short… we are going to protect you and your family!
If you’d like more information, as this is a very complex topic, please call Travis Strain at 604-308-6030, or email him at mail [at] travisstrain.ca
Travis
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