How can a Disability Insurance help you?

What would happen if you were suddenly unable to work anymore? Would you be able to afford your current lifestyle? Don’t worry, we have the perfect solution for you! With a disability insurance plan you can safeguard the lifestyle you and your family are so accustomed to!

Did you know that according to statistics made across Canada and US, the probability to suffer a disabling injury before your retirement is alarmingly high? How high? Actually, the numbers point out that 1 out of every 5 persons are exposed to this risk? So, it’s time for you to at least consider this type of insurance policy. Keep on reading, we know you’ll find this info useful.

We all seem to be more attracted to investing our money in anything else but in certain policies that can specifically cover us from the risks we face on a daily basis. But, it’s time for a change! With the right knowledge, you can make safer and more reliable decisions.

A group or an individual disability policy?

Even though more and more employers offer a disability insurance as part of a work benefit, some other employees are not that fortunate and may face the surprise of their lives when finding out they are not covered at all. For you to avoid this, ask the HR department about your benefits. Most companies offer 3-8 months of coverage in case you are not able to do your job anymore.

But why are these policies so ignored? The reasons seem to be diverse: due to the lack of time or info, or simply because most people don’t find this policy a must. Wrong! If you want to make sure you’ll be able to provide for your family in case of a disabling injury, then make sure you research the topic before paying no attention to it.

It’s true, some companies don’t provide it at all, while others only pay a small amount of your policy, however, the key element is for you to fully understand its benefits. If the employer’s coverage seems to be less than what you need, then you can purchase a disability insurance on your own. Hint: It should be at least 60% of your net income.

Contrary to common belief, it’s not the injuries that lead people to claim this insurance. Most of the factors that push people to consider buying one are diseases such as – cancer, arthritis, sciatica or even poisoning.

Facts to consider about a Disability Insurance Plan

But when can you know for sure you need such a policy? The safest answer would be: as soon as you or others depend on your income. Think about it this way: if you get unable to work and therefore provide, due to an illness or injury, how will you survive? How will you be able to earn an income? Take precautionary measures and get prepared for unfortunate events.

From another point of view, consider these facts:

  • Younger means cheaper

Obviously, and like many other insurance policies, the costs of this one too can be influenced by the age. The younger you are, the cheaper it will be. Why should you think about a disability insurance when you’re in your 20s? According to specialists in the industry, the chances to become disabled during your working years is higher than dying prematurely. As hard as this might sound, it’s true.

  • Get it when you’re healthy

In order to make sure you’ll be able to fit the profile of the perfect candidate and have no issues in purchasing this type of insurance policy, you need to get it as you are healthy. It is always better to prepare for the unexpected than to deal with the dire consequences.

  • If you hit the retirement age, drop it

Once you are a retired person, you no longer need it, as the benefits are given only if you become disabled during your working years. So, don’t forget to close it.

How to pick your Disability Insurance Plan

  • Any disability insurance policy is better than none

As most of the other insurance plans we’ve been talking about lately, this one too has a premium and a non-premium version. So, no matter which one you choose, it is always better to have one than none. Some of the major factors that influence the decision of purchasing one version or the other are usually either the costs or the lack of info, right? But guess what, as unexpected as this might sound, the premium versions of this insurance policy are usually accessible to any average employee. The factors that influence the costs are as always: the age, job, sex, location or health history. So, go for it and get the answers you need!

  • Illnesses, accidents or others

People may be thinking about purchasing a disability insurance only with regard to a possible accident. Well, studies show just the opposite. The risk of suffering from an illness in this stressful and hectic life we’re all experiencing is greater than having an accident. Can you believe it? Thus, thinking about a disability insurance may be a smart move after all.

  • Think beyond the costs

It’s true, the costs can influence your decisions of buying this insurance plan or not. But, think about it, this policy can help you when you least expect someone to help you financially. Think about both the pros and cons, and balance your decision. Meet an insurance consultant and take the best decision for your own requirements!


To clear things up, a disability insurance is part of that list of insurance policies we should all have. It has become more and more obvious that the hectic environment, the high level of stress and the events that happen on a daily basis should make us consider more options to keep our loved ones financially covered. Choose to stay informed when thinking about long-term decisions!

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