4 disability insurance myths

1
4 disability insurance myths
2

• Disability cannot happen to us , it happens to
  the other people!
• 2.Having disability insurance Woodstock as group
  insurance plan
• 3. Disability insurance doesnt come in less
  money.
• 4. Ive got an emergency fund in case of need.
• Not very popular and mostly overlooked,
  disability insurance Woodstock is however
  essential if you face some disability and dont
  have an income.
• Disability income insurance, or disability
  insurance Woodstock , is insurance you can
  purchase to guarantee an income in case you are
  unable to work due to illness or injury.

3
There are 2 types of disability insurance

• Group disability insurance Woodstock. Offered
  to all members of a group like the employees of a
  company 
• Individual It is purchased by someone who
  doesnt have group coverage, someone who is
  self-employed.

4
Disability insurance protects you from meeting
your financial obligations for a specific period
of time

• Short term Short term insurance is valid for a
  specific, usually a predetermined number of
  weeks.
• Long term Benefits are paid over a longer period
  that may extend into years, and in some cases, at
  least until age 65.

5
1. Disability only happens to other people!

• Disability is not just about physical injury 75
  of disability cases are related to illness. Even
  if you work in an office, youre still at risk of
  disability
• Today, Mental illnesses like depression and
  anxiety are also major causes of disability.
• Chronic illnesses like cancer, diabetes, heart
  disease, high blood pressure make workers unable
  to work for long periods of time. We are not
  immune to developing such an illness.
• In Canada, 1 in 3 workers of age 30 to 64 will
  experience a period of disability during their
  career. 

6
2. Got disability insurance with group insurance
plan

• Youre one of the lucky ones if you have
  disability insurance with your employers group
  insurance. But , Did you know that the disability
  insurance under your contract might not be
  enough?
• These plans provide for a specific amount of
  insurance benefits, after which you are expected
  to manage on your own. Most group insurance
  contracts cover a percentage of the salary, and
  the benefits paid under such a contract may be
  taxed. If your group coverage doesnt seem like
  enough, you can
• Increase your coverage with options available
  under your employers group plan, if thats
  possible. Consider personal life insurance
  Woodstock.

7
3. Disability insurance doesnt come cheap

• Disability insurance is expensive, but its well
  worth it. And peace of mind it brings you has
  certainly no price!

8
4. Ive got an emergency fund

• If youre self-employed you do set money aside
  just in case of emergency
• But did you know that an emergency fund has to be
  equal to 3 months salary? And it might not be
  enough in the case of a long-term disability.
• Youre better off taking out personal disability
  insurance Woodstock. In this case, Youll get
  substantial fixed benefits, generally tax free in
  this case, and you will be able to meet your
  financial obligations.
• Talk to your financial advisor and make up your
  mind about disability insurance Woodstock . 
• He or she will show you different options based
  on your situation, it will bring you  peace of
  mind!