An emergency can occur anytime anywhere in life. Sudden death or conception of child effect most people around the world. According to Canada 2016 census, there are approximately 800,000 people living in Canada over the age of 85 and at least 1/3 people will be disabled for approximately three months or more at least before the age of 65. In the next 10 years, there will be an influx of baby boomers reaching an age of 64-74 years.
The principle of Disability coverage is, therefore, to provide income and financial stability when you are disabled to work and can give you bit relief at the time of real stress.
Long Term Disability Coverage
Long term disability coverage provides you with income stability when you are disabled to work even after the retirement. It protects your life savings and retirement fund. check folkia. Disability insurance gives you a sense of freedom from financial stress. This disability coverage in Canada provides against the premiums, housing costs, funds, utility funds, car payments, medication, groceries transportation, and house cleaning costs as well. Always take disability coverage calculators from your insurance company and do proper research before you start paying a premium.
Disability Coverage for Maternity Leave
The government of Canada provides maternity, parental and adoption leave benefits which vary from province to province. Disability coverage for this maternity leave is provided by your employer allowing the minimum number of weeks leave for maternity which is different in a different province.
Disability Coverage for Government Employees
If you are a government employee, then you are entitled to Disability Insurance (DI) plan. This coverage provides 70% of your income. This is given to full-time and part-time employees who have continuous employment for six months. You receive 85% premium and you only have to pay 15% of your costs.
You can also construct your own benefits and policy so that you can seek for full protection of your income.
Disability coverage for the self-employed
It is individual disability insurance that covers both long-term disability coverage and short-term disability coverage. In this, you can tailor and customize your policy for ideal support.
Critical Illness Insurance
Critical Illness (CI) Insurance is a single lump-sum payout policy if you get sick and is tax-free. The main advantage is that this policy does not restrict you for the amount of money you spend against the health but have long waiting periods.
Long Term Disability Insurance
If you have disability insurance that is tailored to replace a portion of your income, then understand your policy well with all the required details.