Some Facts to Clear Your Confusion Regarding Canada Life Disability Insurance
Canada life disability insurance is generally a tax-free monthly payment that will cover your expenses if disability hinders you from earning for a brief period or permanently. It is not that your disability has to be visible to the naked eye. Even if you are suffering from mental health problems and chronic health conditions not allowing you to work, you can have the benefits of this insurance coverage.
The working nature of life disability insurance
It is good to know about the working nature of this insurance. However, it is for sure that when you are with a reputed insurance specialist in Canada, he will explain that to you.
- You can personalize the coverage by addition of optional benefits and selecting the amount you desire to have
- You should not miss any payment of the monthly premium.
- You can file a claim if you have a disability after purchasing Canada life disability insurance.
- After the elimination period, you will start having monthly payments according to your limit.
- If you can return to work or after the end of the benefit period, the disability payment will stop,
The reasons for having life disability insurance
You may be wondering why you need to purchase such an insurance. It is not that there is a surety that you can work till the end of your life. There may be accidents, or you may suddenly develop mental health issues stopping you from going to work. So, then how will you run your family expenses? That is where this insurance comes into play.
We commonly see that before attaining the age of 65, 40% of Canadians have a disability for 90 days. You may be one of them. In such an instance, your monthly payment from the insurance will allow you to run your family expenses.
It is possible to have 80 to 90 percent of the pay cheque you bring home during your regular days if you have life disability insurance.
Even during your period of disability, you do not have to use money from your retirement savings if you have purchased Canada life disability insurance.
So, you now understand how essential it is to have such insurance coverage.
The cost of the policy
Various factors affect the cost of the policy. Let us have a look at some of those.
- The cost will depend on the monthly drawing that you desire to have. The higher the drawing, the higher will be the cost of coverage.
- If you desire to enjoy the benefit of the coverage for a more extended period, the cost will be more.
- If you can extend the elimination period, your insurance coverage will be less.
- If you are young, the insurance will cost less.
- Your health also determines the cost of the coverage.
- If you are in a risky occupation, the cost of coverage will be more.
So, if you have decided to purchase Canada life disability insurance, contact Gurinder Chahal, the Insurance Specialist. Call him at (587) 707 – 7000 to book an appointment.
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