Disability
insurance: Do you need it with a group plan?
Author: Ivon
T. Hughes
Disability
insurance is often ignored by most people since their employer usually offers
some form of short and long term coverage.
Disability
insurance is something people do not believe they need to purchase. Disability
insurance however, on an individual basis, is valuable even if you have enough
savings to cover you until you recover. The vast majority of us do not have
enough saved up to cover our bills and provide our families with the standard
of living they have become accustomed to.
Disability
insurance policies mostly cover anywhere from 50 to 60 percent of your income,
depending on your standard of living and lifestyle. There are two types of
disability insurance. The first is short term disability insurance which
covers you for the initial time of an injury or illness. The other type of
disability insurance is long term disability insurance. Unfortunately most
policies offered by employers offer a smaller percentage of your income as
compensation; therefore it is in your best interest to consider a long term
individual disability insurance policy to make up the difference.
Disability
insurance depends on your mental attitude and financial wealth. Do you have
enough saved up to cover you and your family in the event of an accident
or sickness that could hinder your earning potential? Can you maintain your
current standard of living on less than your normal weekly income? Do you
feel confident that your employer's coverage will be sufficient to cover
your normal expenses? If you answered no to any of the above questions, then
you should definitely consider acquiring individual disability insurance.
Disability
insurance policies for individuals differ from one provider to the next.
It is necessary to find an individual disability insurance policy that best
meets your needs with the insurance company that you trust the most. You
will be entrusting your wellbeing and the wellbeing of your family to the
insurance company. Individual disability insurance is not a package that
you can buy off the shelf. Instead, your individual disability insurance
has to be tailored to meet your needs.
-----------------------------------------------------------------------
Ivon T. Hughes, The Hughes Trustco Group Ltd.
Online Insurance Broker - Get a FREE Quote TODAY!
Tel: (514) 842-9001 Email: [email protected]
Web: http://www.trustco.ca
------------------------------------------------------------------------
