This type of insurance is quite often overlooked and misunderstood. It could be the most important policy you ever buy to protect your family from the financial devastation of a family member (income earner) not being able to work in the same capacity due to a disability. The purpose of Disability Insurance is to put close to the same amount of disposable income into insured’s hands that he/she was earning prior to becoming disabled.
Many employers provide some form of disability to their employees but often it is with limitations. It is important to know what the limitations are in your own employer provided plan and if it be enough to help you recover both physically and financially.
Usually disability policies are built based on a monthly benefit and is calculated by your pre-tax income. The policy is underwritten using your occupation class, smoking status, age and overall health and lifestyle.
If you would like more information on how you can protect your pay cheque should something happen to you and you are no longer able to work or work in the same capacity please contact our office.