Disability insurance protects against a loss of your income due to a number of covered conditions (illnesses, accidents, injuries, etc…). Disability insurance can pay a benefit upwards of 75% of your income in the event you are unable to work. It will protect you for the length of you time you are off work and (depending on your occupation). If you’re unable to return to work, it may continue payment until age 65 if your policy is set up this way.
Disability insurance is often recommended for people who work for themselves or don’t qualify for employment insurance, and for people who have very specialized jobs (i.e. medicine professionals) or in high income positions who would not be made whole by employment insurance or other forms of disability insurance in the event that they were unable to work.
There are many more considerations with disability insurance which can have a huge impact on the premium expense and the level of protection. It’s always recommended to speak with an experienced representative that can ask the right questions and find the right protection.
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