Disability income assurance can cover you in the event of a severe accident or illness but, it really depends on how much disability income assurance you purchase as to whether or not it will be able to meet all of your financial needs. The greatest number of families have no form of disability income assurance.
Short term disability income assurance covers the first few months you are disabled and the benefits of short-term disability income assurance, are many . Short term disability income assurance is a temporary relief though. If your condition prevents you from working for more than the covered period, then you will need to rely on long term disability income assurance.
Disability assurance can be purchased up to a certain percentage of your income and is tax free if you pay for it yourself.
Disability assurance does not mean you have to take the maximum but you would be wise to take sufficient to cover your monthly bills, even if you give up covering some items.
Disability assurance is sometimes hard to think about. Some people believe that if they make a Will that it will bring them faster to their Maker. Ditto for disability; take a policy and get disabled. But of course it doesn't work that way.
And the worst thing to do is to consider taking a policy and then becoming disabled before getting a policy in force. Disability assurance quotes will give you firm premium figures for various amounts of income and then you can make up your mind what to do. Even if you take a disability assurance policy with the longest waiting period, it will start paying when you , really, really need it.
Disability assurance cost should be considered as a percentage of your income. If you earn $60,000 a year is 2% or 3% of that too high a cost to ensure that your net income will continue? Only you can answer that after you have obtained a written disability assurance quote based on your income.
About the Author
Ivon T. Hughes, The Hughes Trustco Group Ltd.
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Tel: (514) 842-9001 Email: info@trustco.ca Web: http://www.hughestrustco.com