What is disability insurance?
A serious illness like disability doesn’t come after informing you about the time and place. But what if the serious illness or accident prevents you from doing work? How do you manage your finances? Being disabled not only let you lose your principal source income, but you can also face expense related issues. Disability insurance replaces your source of income and allows to spend money on your treatment.
Disability insurance gives you a tax-free monthly income to pay your expenses. There are various types of disability such as an injury, a serious illness chronic pain or a mental health issue. And the duration of disability may be short or long term depending on your condition.
Protect your source of income:
Your ability to earn income over 30-40 years is your valuable asset. So, makes sure to protect your income from any disability. As there are different kinds of disability insurance, it is very important to talk to an advisor to get the best coverage option according to your circumstances.
Why do you need disability insurance?
Disability is a term that nobody wants to have in their life. But it has become more common i.e 40 percent of people in Canada are facing this problem. So, it’s great if you think for yourself from start by buying disability insurance. It will be great to protect your financial obligations by avoiding dipping into your retirement savings.