Nowadays, there are a number of different types of insurance available in the market to secure your future. However, seeing these many options can be overwhelming for someone new to the insurance world. So, today, we will help you understand the concept of Disability Insurance Canada.
What is Disability Insurance?
It is a type of insurance that offers partial income to the owner in case of severe sickness or disability that hampers with the work-life. Getting disabled due to illness is more common than you think, especially with health conditions like arthritis and heart problems.
When you go through such situations, the insurance company will offer you monthly a certain percentage of the amount that you can use for your expenses and medical bills. Disability insurance in Canada is very common with employers. They offer short term and long-term policies to their employees in case of such illness.
Types of Disability Insurance –
- Individual Disability Insurance
This policy will work for you if your employer doesn’t offer you coverage in case of disability. This option can also be best for you if you are looking for extra coverage. This will help you ensure the expenses in case of disability even if you change your workplace.
- Short Term Disability Insurance
In this type, you will be receiving a percent of your income immediately in case of an accident that hampers with your work life. This type of disability insurance Canada is more common with employers and you can receive it via your job itself.
- Long Term Disability Insurance
In this type, the insurance company will pay you a portion of your salary for a longer duration of time. If you have opted for this option, it will automatically start after short-term insurance runs out.
- Supplemental Disability Insurance
This is useful if you want extra coverage in such scenarios. Disability insurance Canada will only offer you a percent of your salary, so if your family expenses are more, it is better to opt for a supplemental plan too. You can either get this from your employer or approach directly to an insurance company for the same.