Life is unpredictable. No one knows what is coming next, how long they will live or whether they will have a physically fit life. However, life is full of unseen incidents about which people can’t do anything. Still, they can fund themselves in the name of disability insurance to avoid unfortunate consequences later.
Disability insurance is helpful in cases where people become physically unfit, i.e. because of accidents or injuries. Besides this, disability insurance has way more benefits. However, suppose you’re interested in knowing about the benefits of disability insurance so that you can invest in this insurance to save yourself and your loved ones from financial problems later on. In that case, you surely need to read this blog post to the end.
Types of disability insurance
Generally, there are two types of disability insurance.
- Long-term disability insurance covers the expenses of people facing long term disability, i.e. up to 5 years or up to the age of 67.
- Short-term disability insurance covers the expenses of people facing a short term disability, i.e. up to 3 years.
Benefits of disability insurance
- Cost Of Living Adjustment -COLA: It is a benefit that comes with disability insurance. As expenses are increasing due to inflation in this regard, COLA limits insurance companies to increase the amount of insurance installment year after year to cope with high inflation so their clients can live normal life. Therefore all the people buying insurance for physical disability are to benefit from the cost of living adjustment. No matter whether it is short term disability insurance or long term disability insurance.
- Residual Disability Riders: The second benefit of disability insurance is residual or partial disability rider. As per disability insurance terms and conditions, if someone isn’t fully fit or cannot work to his 100% capacity, then insurance agents are supposed to give that client a partial disability rider or partial payment so the client can meet both ends. Therefore if a person insured with disability insurance can’t work full-time and works part-time due to being physically unfit will get a stipend to cover the remaining expenses.
- Accidental death and dismemberment (AD&D): As per the rules of health insurance canada, the insurance employers are liable to pay the expenses to clients who have subscribed for disability insurance if they die in case of any accident or they get seriously injured, i.e. paralyzed, blind, lose limbs, etc. However, this is an exceptional benefit of disability insurance which is not limited only to minor injuries. Still, the expenses will be paid to the clients or their family members in case of accidental death or major injuries.
- Social Insurance Supplement Rider: The 4th benefit of having disability insurance is that it pays you the expenses in the name of social expenses. However, only the people insured with long term disability will have the advantage of claiming this fund. The clients claiming this fund might face a deduction in their disability benefits.
- Own Occupation: The last but quite essential benefit of disability insurance is it pays as you have booked job insurance. Whatever your occupation is, disability insurance helps you to afford the expenses if you are unable to work fully as of your occupation.
Being physically fit is a blessing for a normal person, and if you are a bread earner for your family, it is your biggest strength. At the same time, the risk of disabilities is also high. Have you ever thought about what will happen if you become physically disabled and who will help you to cover your expenses? Disability insurance helps big times in such conditions.
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Precisely it is a must to have disability insurance before anything bad happens. If you are afraid of physical disability and want to secure your future, it’s the best time to apply. MBE Insurance would be best for you if you need to know which insurance provider to go to.
MBE Insurance
MBE Insurance is a prominent insurance provider company in Canada. It deals in all types of insurance, be it life insurance, health insurance, mortgages, vehicle insurance or term life insurance. MBE Insurance has been there, serving its clients for over two decades. However, MBE Insurance always offers its clients ample options of plans and policies, giving them the freedom to choose the plans of their choice, unlike other insurance companies, which are limited to a few insurance plans. That’s why MBE Insurance has a high ratio of client retention than others. If you are seeking an insurance company that is reliable, responsive, accommodating and benefits its clients, then MBE is the right fit for this.
However, MBE Insurance provides the best plans for disability insurance across all the major cities of Canada. Whether you seek long term disability Ontario or short term disability Ontario or any other city of Canada like Toronto or Vancouver, you must consult with MBE Insurance.
Conclusion
Investing in disability insurance is a smart decision to save yourself from the severe consequences of injuries or accidents. The unpredictability of the future is a fact; therefore, it’s better to take measures to save us from unfavourable situations. In this regard, disability insurance has lots of benefits, especially when it comes to covering expenses disability insurance helps us a lot. Therefore all the employed people should opt for this to save themselves from rainy days ahead.