In the event of an accident, injury or illness that prevents you from working, disability insurance provides you with a percentage of your income. But not every disability insurance policy is the same. In fact, almost all of them will compensate different percentages of your income (generally between 50 and 70 per cent), along with different elimination periods and benefit periods. Elimination periods refers to the length of time to wait before your benefits kick in. Benefits periods refers to the length of time benefits will be payable, which depends on your disability and the policy you take out.
Most plans have a start date ranging from 30 days to 120 days after a disability has occurred. Coverage generally focuses on sickness or injury, and your plan cannot change without your permission until you are 65 years old.
In general, experts agree that disability insurance is a must for people, … Read More