DISABILITY INSURANCE

The chance of becoming disabled due to injury or illness during your working years is very-very high. Have you ever think about it, if something happens to you and your income stops than how you will protect your life style. Disability Insurance offers you a simple, affordable way to provide an income, in case of Disability.
A Loss of Income Benefit provides you with a portion of your income should you be disabled as a result of Injury or Illness and unable to work and earn a living. There are different waiting periods, before your benefits starts.
Income Protection, commonly known as Disability Insurance and Loss of Income benefit, provides financial security should an accident occur that prevents you from working and earning a living.

A Loss of Income Benefit provides you with a portion of your income should you be disabled as a result of Injury or Illness and unable to work and earn a living. There are different Elimination Periods (EP), (length of time to wait before benefits begin), and different Benefit Periods (BP), (length of time benefits will be payable), that will allow you to choose the plan that best suits your needs.

There are three types of individual plans available:

Non-Cancellable (Non-Can)

These policies are financially and medically underwritten at time of application.
These plan can’t be cancelled by the Insurance Company unless you stop paying premium. A very popular product. Insurance company have no option to increase your premium.

Guaranteed Renewable (GR)
These policies are financially and medically underwritten at time of application. Can’t be cancelled by the Insurance Company. Premiums can be increased but only on a Class basis.

Conditionally Renewable (CR)
These policies underwriting is very easy at application time. Premiums for these policies can be adjusted and policy can be cancelled by insurance company anytime but only on a Class Basis, (by Occupation, Province and Plan Type). Individual policies cannot be singled out for cancellation. CR plans have built-in standard Exclusions and Limitations, and are usually easier to qualify for.

Companies offer bothGross Revenue and Earned Income choices for obtaining the Benefit that client qualifies for, because of this it is recommended for the following:

• Self-employed
• Small business owners
• Individuals hired on contract
• Employees with group benefits
• Group, Association and Affinity markets.

Sahib Insurance advisor will help you to choose best disability insurance plan.