Main Features of Disability Insurance
1. Maximum
Monthly Benefit - This is the amount of income you will receive
from your insurer. This usually amounts to between 60% and 70% of your
gross monthly income at the time of making your claim.
2. Elimination
/ Waitiing Period - This is the length of time that must expire before
eligibility for benefits begins. The longer you can wait to receive
the first cheque, the cheaper your premiums will be.
3. The Benefit Period - This is the length of time you
will be entitled to receive the monthly income. As you may well live
for many years, it is prudent to insure for the longest benefit period
possible… up to age 65.
How
Can I Qualify For Disability Insurance?
To qualify
for this non-cancellable, illness and injury protection we need some
medical and personal information about your job, income and lifestyle.
The funds
you will receive will be approximately 60% to 70% of your gross income
until you are 65 or earlier, depending on the period you choose.
OTHER
BENEFITS OF DISABILITY INSURANCE
In
addition to receiving approximately the same monthly income, on some
policies you can:
a) have your monthly income keep up with inflation.
b) get back up to 70% of all your premiums in 10 years if you make no
claims.
c) increase your monthly benefit with no medical evidence.
When you
ASK FOR A DISABILITY INSURANCE QUOTE we will calculate the quote and send it to you by email.
You can then read all about it and decide what to do.
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