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Disability income insurance provides you with a source of income to replace your salary during a period of disability resulting from an accident or illness.Disability income protection insurance is designed to protect your employment income, by providing a monthly benefit when disability restricts your ability to work.
Each income protection plan is different. You can choose an accident-only plan or a plan that insures against a disability caused by either an accident or a sickness.
It is generally accepted that the odds of becoming disabled are much higher than the odds of dying, yet many people are more likely to have life insurance than disability insurance. The costs associated with becoming disabled are also very high: not only will you have regular living costs, there also may be the costs of ongoing attendant care, medicine and other charges. If you can’t continue to earn income, you could be in trouble.
Right now, you are in good health, you are leading an active life and enjoy a satisfying income. The income you earn represents a precious financial asset for you and your family It takes care of your basic needs and contributes to your lifestyle. But think about the financial consequences if, from one day to the next, you were unable to work for a given period of time due to an accident or illness.
According to statistics, there is a good chance that you will become disabled before you retire. However, the risk may be greater than you think... and it does not always happen to someone else. |
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Who Should Consider Disability Income Insurance?
Persons who have jobs that do not provide a group insurance plan:
- self-employed workers;
- small-business owners;
- employees, whether or not they are covered by the Workers' Compensation Act
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