A person's continuing income is generally their single greatest financial asset. What would you do in the event of a disability that would leave you unable to perform the duties necessary to earn your monthly income. Most people never envision themselves as becoming sick or disabled in the prime of their lives and it is precisely for this reason that disability income replacement insurance is such a vital part of one's overall financial plan.
Short Term Disability:
Short Term disability provides immediate financial aid in the form of a weekly benefit to the disabled party in the event of accident or sickness. This benefit is paid after the insured selected policy waiting period has expired. Short term disability is available through the federal government's Employment Insurance program for a period of up to 17 weeks at a maximum weekly taxable benefit of $413.00 per week.
Long Term Disability:
Individual Long Term Disability is a must have for working individuals without the luxury of an employee benefits plan that includes Long Term Disability. Plans range in both benefit period length, their definitions of disability, and waiting period for benefit payment commencement. Many individuals believe falsely that government based programs will be available to assist them in the event of a disability. Unfortunately however, if the incident occurs outside of their place of employment, then Worker's Compensation would not provide any benefit to the injured party. This leaves the client in a position without earning potential for as long as the disability persists. In some cases this can be months, in others, the disability may become a fact of daily living. Don't leave your earning power open to chance, secure it with an individual disability policy today.
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