Disability
Features of Disability Insurance
- Provides tax-free income if you become sick or injured.
- Ideal for anyone who earns an income and does not have disability insurance through their employer.
- Unlike plans provided through employers that can end at any time, personal disability insurance plans cannot be taken away from you.
- Depending on your profession, it could provide income during times of inability to perform your "own occupation," even though you are working other jobs.
- Benefit period (the length of time money is paid during your disability) can vary from 2 years to age 65.
- The waiting period before your first cheque arrives can be selected as 30, 60, 90, or 120 days.
Major Uses of Disability Insurance
- Replace lost income during times of disability.
- Provide money to pay business overhead in your absence.