What is disability insurance?
Disability insurance is designed to replace a portion of your income if you become disabled and are unable to earn an income.
Disability insurance, sometimes also referred to as income protection insurance, is an insurance product which offers you protection against loss of income by replacing a substantial portion of your paycheck if you become disabled. A disability can result from a number of causes, including an injury, a serious illness or a mental health issue. And the duration of a disability can be either short- or long-term.
Why choose disability insurance?
It is expected that over the course of the next 20 years, 1 out of 5 people (20%) will be faced with a disability.
Disability insurance is a must-have for anyone depending on their regular income to pay for rent or mortgage costs, those who need a paycheque to support their family or provide for other daily living expenses, those who have limited access to savings or investments to maintain their current lifestyle for an extended period of time, or any other financial obligations. Unless you can live the rest of your life with your current savings, disability insurance is for you.
Benefits of disability insurance
There are different kinds of disability insurance coverage, including individual insurance plans and group insurance plans, as well as government plans
With an individual disability insurance policy, you own your coverage. You can seek the maximum coverage amount your individual circumstances allow and add additional top-ups to make it perfectly sized for you. The coverage is portable: it goes wherever you go, regardless of changes in employment. Your cost of insurance will not change unless you increase the coverage amount. And if you pay your own premiums using after-tax income, you will receive the benefits tax-free.
What is disability insurance?
Disability insurance is designed to replace a portion of your income if you become disabled and are unable to earn an income.
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Why choose disability insurance?
It is expected that over the course of the next 20 years, 1 out of 5 people (20%) will be faced with a disability.
Disability insurance is a must-have for anyone depending on their regular income to pay for rent or mortgage costs, those who need a paycheque to support their family or provide for other daily living expenses, those who have limited access to savings or investments to maintain their current lifestyle for an extended period of time, or any other financial obligations. Unless you can live the rest of your life with your current savings, disability insurance is for you.
Benefits of disability insurance
There are different kinds of disability insurance coverage, including individual insurance plans and group insurance plans, as well as government plans
With an individual disability insurance policy, you own your coverage. You can seek the maximum coverage amount your individual circumstances allow and add additional top-ups to make it perfectly sized for you. The coverage is portable: it goes wherever you go, regardless of changes in employment. Your cost of insurance will not change unless you increase the coverage amount. And if you pay your own premiums using after-tax income, you will receive the benefits tax-free.
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(647) 972-6641
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Ajax, Ontario L1S 6B3
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info@williamsandcroft.ca