Disability Insurance
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The disability insurance is a type of insurance policy that provides financial protection and support to the insured if they become unable to work due to the disability. The disability could be temporary and permanent. With the help of disability insurance, you can replace a portion of your lost income and the recovery can act as aid in covering essential expenses. When injury keeps us away from working, it is important to get some financial protection. While most of the disabilities are apparently visible, some disabilities remain concealed such as mental health issue, chronic pain. Such issues can qualify to be categorized under the disability. At Tamber Insurance, we give guidance and assistance to the insured.
Short Term Disability Insurance
The short term disability insurance ensures temporary income replacement when the insured is unable to work due to a qualifying illness or any injury. The short term disability insurance is designed for covering such disabilities that are expected to be temporary and recoverable. The duration of the short-term disability can be from a few months to even two years. Some of the key benefits of opting for the short term disability insurance are as follows:
- Income replacement
- More financial security
- Peace of mind
- Proper protection from financial strain
- Proper coverage for various reasons
The Long Term Disability Insurance
Long term disability insurance refers to a form of insurance that provides financial support to the insured who is unable to work due to medical conditions that can be disability or injury for a long, extended period. This policy aims to cover the financial burden of the lost income while someone recovers from the disability or is unable to return to work. The benefit of the long term disability insurance is as follows:
- Proper financial protection
- More peace of mind
- Access to rehabilitation
The disability insurance for the income protection
This insurance coverage is meant for such people who have a fixed monthly income. Although many Canadians receive disability insurance coverage from their employers, there is a possibility that it is insufficient to compensate with the level of protection needed to replace the lost income. Generally, the employers opt for group insurance that merely provides the basic coverage. Hence, it is a wise idea to learn how much disability insurance coverage you will receive from your employer and then plan accordingly. To learn more about disability coverage, consult with the experts of Tamber Insurance.
Disability insurance for business protection
This disability insurance coverage is meant for both small and enterprise business owners. It is referred to as business disability insurance. This type of insurance coverage helps small and enterprise business owners to operate their business smoothly in case they are unable to work due to any injury. It can be said that this coverage is just like a reserve fund that protects the business that has been built after so much hard work. Under this coverage, the business reserves remain protected. In simple terms, a business disability insurance is the policy owned by your company that provides a monthly remuneration for a time period while the injury keeps you away from work. Schedule an appointment with the professionals of Tamber Insurance to learn more about its disability coverage.
The System of Disability Insurance
- In the beginning, you must choose the amount that you want and also do not forget to add optional benefits in order to customize the coverage.
- Pay the monthly premium.
- If something unfortunate happens, and you become disabled, just file the claim.
- Receive the monthly payment as soon as the waiting period ends. The waiting period is the duration from the date you have disabled to the benefit start date.
- The payments are stopped when the benefit period expires or when the insured returns to work.
Frequently asked questions (FAQ)
The claims can be made as long as the policy is in force, and the benefits the insured has received does not exceed the duration of the coverage that they have selected at the time of opting the policy.
It depends on the insurance product and the benefits that have been chosen while purchasing the policy. The insured will be able to receive the benefits if their disability meets the criteria that is mentioned in the insurance contract. It is important to note that the benefits will only begin after the waiting period specified in the contract has been completed. The benefits are payable as long as the maximum benefit period that the insured has selected has not been reached. For example, if the benefit period that has been selected is 65, the insured will receive the benefit until reaching the age of 65 years.
It depends on the salary. In simple terms, your salary can determine how much amount you are entitled to. For the self-employed people, the calculations are done on the basis of gross and net income. To learn more about disability coverage or the maximum monthly benefit, feel free to contact Tamber Insurance.
A medical diagnosis should be confirmed by the physician in Canada. Afterwards, the claim as well as diagnosis is forwarded to the insurer. The insurer then analyzes everything and determines the eligibility of the insured for the benefits.
Do not wait and allow something unfortunate to happen. In the current age, disability insurance is considered an important part of the financial safety net. Not only it provides peace of mind but also income protection if you are unable to work due to any injury or illness. Whether you are a full-time employee or self-employed, or simply planning for the future, it is important to have the right disability coverage. Feel free to contact Tamber Insurance and explore your options today. Please take the first step and secure your financial future in Canada.
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