We can all agree with this statement: it is difficult to navigate insurance.
Question:
What would happen if you were no longer able to work because of an accident or illness? Would you be able to meet your financial obligations?
Answer:
When you purchase an income insurance policy, you’ll have peace of mind so you can take the time you need to recover.
Income insurance, also known as disability insurance, is coverage that guarantees you a monthly income to cover the loss of your earnings in the event of total disability.
Specifically:
Here are four (4) things you need to know about income insurance and the criteria that determine the premium for your coverage.
1- This is specific coverage based on the criteria below:
- Your job;
- Your salary;
- Your age;
- Your gender;
- Whether you are a smoker or non-smoker.
2- When you become disabled, you will receive benefits for a predetermined period that varies from one insurer to another, following a waiting period* that is also predetermined and that varies from one insurer to another.
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3- Your regular occupation is covered for a predetermined minimum time. When your occupation is no longer covered, the insurer can help you transition to a comparable job where you will be able to resume your job duties.
4- You could recover the premiums paid.
Discuss income insurance with your advisor. He or she will be able to present you with the various options that are most advantageous, depending on your situation and the specific details of each insurer.
*Waiting period: “This means that you must wait a specific number of days after you become disabled before you can receive benefits.”
(https://lautorite.qc.ca/en/general-public/insurance/group-insurance/disability-insurance)
