Disability Insurance
Disability insurance protects you in case of an injury, a mental health issue, or serious illness. People often don’t think of disability insurance, however, the odds of going through one of the three types of disabilities listed above at least once in your life, is quite high. If this happens and a person loses their ability to earn a living, it can be devastating to their lives. It can take years to build your lifestyle and financial freedom, however, it can all be taken away very quickly if you suffer a disability and don’t have the proper disability protection in place. Your children’s education, saving for retirement, all require your ability to earn income. Do you think this is something worth protecting?
The three categories of disability insurance:
Individual disability insurance
This can be purchased through your Team Levine financial advisor. It is an individual stand alone policy purchased through an insurance company. Don’t forget that group plans are lost when you leave your employer, and government plans do not provide you with the proper amount of coverage. Keeping this in mind, it is always best to get an individual policy.
Group insurance
Group insurance policies are sometimes provided for by your employer. If you have group insurance, take a look and inquire into your policy to see what is covered. Often a group disability plan doesn’t provide enough coverage. Don’t forget that if you leave your employer, the odds are that you leave your group insurance plan behind as well.
Government plans
Disability insurance provided under the Canada and Quebec pension plans always limit the benefits you receive, so you will need an individual disability policy to compliment it.
Any questions? Call Team Levine today for financial clarity!