With most Canadians working and living their lives from paychecks to paychecks, any kind of medical illness or injury can leave you with financial stress and worries about expenses. Long term disability Toronto was designed for this specific need. It is a type of insurance that provides you a percent of salary as coverage for your daily expenses and medical bills. This insurance comes handy especially when you are not able to attend work for a long period of time due to the illness.
Understanding when to apply
Long term insurance is ideally a replacement for your source of income when you are unable to attend work due to an illness or injury. You can apply for this insurance once your short-term disability insurance coverage ends. Short term insurance is usually funded by your employer or insurance company depending on the type of disability coverage you have to opt for. It covers you for majorly 3 to four months. However, if your injury or illness still prevails you from attending your work, you can claim the long-term disability insurance Canada.
Long-term disability Toronto is also known as a total disability if you are not able to perform the duties of your occupation. However, this term changes after 24 months of your illness or accident. There is a change of term from ‘own occupation’ to ‘any occupation’. This means for the first 24 years the insurance company will offer you coverage in case of if you are not able to attend your duties. However, later after 24 months, it will only pay you if you aren’t able to complete the duty of any occupation depending on your education, training, and occupation.
The long term disability is a beneficial type of insurance, especially in this unpredictable world. So, get yourself insured to forget about all the financial worries even in your most vulnerable times.