A disability can be overwhelming if you cannot work and support your family by earning a regular income. In the case of a permanent disability, disability insurance protects individuals by replacing as much as 60% to 85% of their income. An illness or injury that prevents an individual from working temporarily. Disability insurance may be a part of your employment benefits, or you may get a disability insurance plan by contacting a life and health insurance advisor.
Self-employed persons can expect to get a range of benefits that can support business expenses by considering disability insurance. Employees may go for an individual plan of disability insurance. Before proceeding to shop for disability insurance in Canada, it is better to check with the employer for any existing disability insurance coverage. You may also consider group insurance schemes available with the alumni association, professional groups, or unions.
The following disability insurance options are available in Canada:
Disability coverage may also be available through auto insurance plans, long-term care or critical illness plans, creditor’s insurance plans available for credit cardholders.
It is necessary to find clarity about some fundamental aspects of the disability insurance plan before signing on the dotted line.
You will come across varying definitions of disability if you check the plans of different insurance service providers. Some insurance companies also help individuals attend rehabilitation so that the person may join duties sooner.
The Own Occupation Plan may change after a few years and convert to Any Occupation. Professionals who may receive a significantly lesser salary in another job should opt for their occupation disability insurance plan.
Know the claims process and deadlines because they may dismiss the claim if you miss the claim filing deadlines. Your insurance advisor will assist you in collecting the necessary documents for filing the claim. Your insurance documents should be easily accessible because someone like your insurance agent may have to get them in your absence.
The insurance company evaluates the claim by considering the provisions of the insurance plan. You will submit relevant medical evidence to support your claim. The role of your doctor or primary care provider is crucial in this situation. You can exercise your right to appeal in the event of claim dismissal. Consulting a knowledgeable insurance advisor will help you take the necessary steps.
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