Disability
Insurance: Why You Need It
Author: Ivon
T. Hughes
Disability
insurance comes in 2 types. The first is short term disability insurance.
Short term disability insurance covers you for the initial period of an injury
or illness. You usually receive a portion of your salary while you are disabled.
This type of disability insurance is usually provided by employers.
Most employees are fortunate to have never made a claim, but if you've ever
been in an accident that prevents you from working, then you truly appreciate
having the benefits of short-term disability insurance. Short term disability
insurance is a temporary relief though, as most policies only last anywhere
from two weeks to two years. Should your condition prevent you from working
for more than the time allowed for under short term disability coverage,
then you will need to rely on the other kind of disability insurance: long
term disability insurance.
Long
term disability insurance covers the individual for an extended period of
time. Should you be injured or take ill as a result of your employment, then
long term disability insurance will cover you for a period ranging up to
five years or until the disabled individual turns sixty five.
There are numerous ailments that can disable an individual as a result of
certain occupations. Movers, and construction workers and even administrative
assistants can all become disabled through routine activities performed on
the job and off the job. That is why it is necessary to cover yourself with
long term disability insurance.
Long
term disability insurance may be provided by your employer in a group plan
but it may be financially necessary to also purchase an individual long term
disability insurance policy. It is recommended that you research and compare
the different individual long term disability policies to find the one that
is best for you.
Disability
insurance is owned by less than 20% of the working population, perhaps because
they reason ... it can't happen to me. The cost of the protection is small.
As the ad says "Don't leave home without it.
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Ivon T. Hughes, The Hughes Trustco Group Ltd.
Online Insurance Broker - Get a FREE Quote TODAY!
Tel: (514) 842-9001 Email: info@trustco.ca
Web: http://www.trustco.ca
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