DISABILITY INSURANCE CALGARY

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Disability insurance is a form of insurance that insures one’s income in the event of a disabling injury or accident. It’s typically used by those who are self-employed, or whose employers do not offer some form of disability insurance. While it would seem as if the importance of finding a disability insurance plan that fits you would be obvious, many fail to find and secure insurance and thus are left with no way to continue making money after a disabling injury. For obvious reasons, it would be better if this didn’t happen to you.

If you’re the owner or partner in a business, or are working for an employer who doesn’t provide benefits, you run a large risk by not looking for disability insurance on the open market. The financial risk to your business and family is untenable if you suffer an injury or accident or illness that prevents you from continuing to perform your function in the business. If you have worker’s compensation, it might seem like you don’t have to worry about purchasing disability insurance, but only 8% of accidents are covered by worker’s compensation, and there are a whole slew of accidents that could occur where you won’t be covered (such as an accident that occurs off the job site).

There are a variety of things to take into consideration when you are picking a insurance policy to fit your specific needs. This form of insurance is a measure you take to protect your income. Consequently, you should not insure yourself for an amount larger than your income. While this might seem like a good idea at the time, insurance companies will look into precisely how much you are making, and will only pay you around 2/3 of your present income, regardless of how much money you signed up for.

There are a lot of things to work out when you’re initially trying to find disability insurance. For instance, how will your policy react if you are still capable of doing part of the job? How long will the insurance go for? If you are planning to leave your job or if you think you might change jobs in the next few years, you need to specify this in your policy so that your insurance doesn’t expire the minute you leave your employment.

If you save your money and are responsible with your income, you’ll be able to set the insurance so that you wait 90 days before payments begin in the event of a disabling accident. While there are other options (30 days, 60 days), by setting the period for 90 days you could pay almost half of what you would pay for a policy set at 30 days.

There are a lot of ins and outs to buying disability insurance Calgary and the process can sometimes warrant the expertise of an insurance broker. If you’re looking for a broker to help you set up disability insurance Calgary, look no further. We’ve gone looking and found the best brokers in the city and we’re happy to share what we know.