With a disability insurance policy, when you become unable to work because of an accident or illness, you are paid a set amount in benefits each month. Your income level helps determine your needs.
- Personal income (24 hour / 7 days a week coverage, tax-free benefit, no medical questions for Injury coverage )
- Reimbursement for additional medical expenses ($10,000 per claim-physiotherapy and rehabilitation, wheelchair, crutches, splints, prescribed medication, etc)
- Business Overhead Expenses BOE ( car lease or loan payment, business telephone, car insurance, office costs, etc)
A long-term disability can have a huge impact on your financial situation because your income would drop or disappear while your expenses continue or even increase. The risk of long-term disability is well worth insuring.