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Things You Should Know About Disability Insurance: A Guide

Disability Insurance Form over a wooden table with a pen, glasses, and books around.

Have you thought about your risk of becoming disabled and not being able to work? Mental health issues account for about 30 percent of Canadian disability insurance claims. Other examples include heart disease, cancer, back injuries, and other illnesses.


Many disability claims result from injuries that happen on the job. In fact, 65,664 workers in Ontario during 2019 lost work time due to injuries.


Have you enrolled in a disability insurance plan? Do you have enough savings to pay your expenses for about 34 months? This is the time frame for most long-term disability claims.


If you answered "no," it’s time to consider your options. Having a solid plan can help avoid financial hardship for you and your family. It also decreases the added stress of foreclosures or bankruptcy.


Keep reading to learn more about disability insurance.

 

How Can Disability Insurance Help You?


Insurance for disability usually pays a monthly income for serious injuries or illnesses. Maynard Ken Insurance Brokers work with many different companies. This allows them to develop the best insurance plan to meet your unique needs.


Have you considered buying your own disability policy that will travel with you if you change jobs? Maynard Ken offers more options than traditional employer-provided policies.


Types of Insurance to Cover a Disability


Disability insurance policies vary based on the individual’s situation. You may buy a plan to cover yourself, for example, if you work in the gig economy. The goal is to have protection if you can’t work due to an illness or injury.


The following describes different types of disability insurance plans.


Critical Illness Insurance


This policy pays a lump sum benefit if you become critically ill with a diagnosis listed in the plan. Examples include cardiovascular disease, cancer, or conditions that need an organ transplant. All these illnesses have a high cost for care.


You may have the insurance company send payments directly to your healthcare provider. There’s usually a predetermined set amount paid for each treatment cycle. This type of insurance focuses on paying for medical expenses.


Disability Insurance


If you become disabled and can't work, there are more than medical expenses dues. You can apply for Bond Programs or the Canada Disability Savings Grant. There may also be other supplemental services to assist you.


Yet, if you don’t qualify for this assistance, Ken Maynard may have other options. Their disability insurance that includes long-term-care coverage may fill your need.


Short-Term Disability Insurance


Short-term disability policies serve to provide financial assistance for shorter absences. For example, if you can’t work because of a prolonged illness.


You may have a disabling injury that will heal so that you can return to full duties. This type of insurance can also cover situations such as childbirth.


Other Types of Disability Insurance


Ken Maynard also offers comprehensive and high-risk occupations disability insurance. Ask about their monthly indemnity program that doesn’t require a medical exam.

 

Are You Looking for Disability Insurance in Vaughan?


No one can predict the future. Disability insurance offers peace of mind that you and your family will be taken care of. Maynard Ken Insurance Brokers in Woodbridge has been a family-owned business since 1965.


We’re dedicated to providing you with the most accurate information and services. Our expert team understands that every person’s situation is unique. Our Certified Financial Planners are ready to answer questions and offer policy advice.


We also provide home, life, auto, and commercial insurance products. Get in touch with Maynard Ken Insurance Brokers in Woodbridge today for the help you need.

 

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