Are you the only earning member of your family? Or is your lifestyle solely dependent on your paycheck? Ever imagined what would happen if you had to take your time off work because of a sickness or injury? How would you take care of your basic day-to-day expenses?
Owning disability insurance is an essential aspect of your long-term financial security plan. While your regional Government Health Insurance Plan (GHIP) covers you for the most defined sickness, many injuries that lead to a disability may not be included in your provincial or territorial health plans.
What is Disability Insurance?
The disability to work can occur at any time to anyone due to any unforeseen injury or illness. It is only wise to be insured in time for such unexpected life events so you can rest stress-free in your times of sickness.
“Disability insurance is an income replacement plan that acts as your supporting income for months you cannot make it to work.”
Disability insurance is available for both employed professionals and business owners. While many employers provide group disability insurance to their employees, independent professionals or business owners can buy their own Disability Insurance that covers them 24 hrs.
Why should you own Disability Insurance?
Only certain medical expenses are covered under your provincial health plans and, only your disability insurance can cover you for the loss of income during your disabled times, by providing you a tax-deferred monthly payment depending on your plan, and helps you maintain your standard of living.
There are various features and benefits of having disability insurance from Top Financial:
- Save your retirement savings for your retirement time.
- Get protection for 60-80% of your income when you cannot work for a short or long period of time.
- Get the necessary support to resume back to work after your disability to work leave, with our return to work benefits like rehabilitation, job retraining, and many more.
- Affordable and low-rate premium plans for an early age disability insurance seeker.
- Get the benefit of receiving tax-free payment of income with disability insurance.
- Get disability coverage in case of sickness, injury, or a mental health condition.
- Easy to apply with no required medical examination to be eligible for disability insurance.
- Get a no-premium benefit in your disabled times.
- We ensure easy and guaranteed renewal of your policy in case your short-term or group income protection coverage is due to expire.
What are the different Disability Insurance plans available with Top Financial?
Disability Insurance provides you income protection if you have been working for a minimum of 20 hours a week or at least 35 weeks a year. Any individual between the age of 18 to 69 years can opt for any of the below Disability Insurance plans as per the requirements and criteria.
- Injury-Only income protection plan
- Injury & Illness income protection plan
- Long-Term Disability Insurance
Injury-Only income protection plan – This is a basic income replacement that provides a low-cost plan suitable for individuals having a low income or who do not fulfill the qualifying conditions for the general health plans. With this plan, you will be eligible to receive a lump-sum payment to cover your losses in case of an accident that leaves you with a broken bone, regardless of whether it affects your ability to work.
Injury & Illness income protection plan – If you have disability insurance coverage for injury, you can also combine it with additional illness coverage for the loss of income that may happen in times of sickness. However, it is mandatory to have injury coverage if you require coverage for illness.
Long-term income protection plan – Long-term disability, also known as permanent total disability, is a condition where you are completely disabled from working for 5 years or more. Though long-term income protection plans differ depending on an individual’s disability, you can expect to receive a minimum of 60-70% of your normal income with Top Financial’s disability insurance in Brampton. Our disability insurance provides you with long-term disability coverage until age 65. In case you have short-term disability insurance or you are covered under your employer’s insurance benefit for a disability, you can apply for long-term disability insurance once your plan is consumed or is about to expire.
Top Financial is one of the best insurance brokers in Brampton, giving you multiple options and combinations for your income protection ensuring you maximum coverage against any sickness or injury. We offer you multiple benefits to choose from depending on your requirement of coverage, premium amount affordability, and the time period you wish to have the insurance for, with convenient plan renewal and upgradation options