Disability insurance when a worker can no longer earn a living because of an injury or illness. Disability insurance replace a big portion of a person’s paycheck – usually 50 to 70 percent . By having a disability insurance plan the individual can support his self throughout his disable period ,until he or she recovers and get back to the work force...
Now a days, most young adults lack disability insurance .Disability insurance has lots of benefits such as protecting the income in case of an illness or an injury. Unless you're wealthy, making ends meet could be difficult if you develop a physical disability or debilitating ailment and are unable to work. Despite having a good earning income, young adults are not aware of good benefits of disabiliy insurance. Only a small percentage of them prefer getting a long term disability insurance.
Individuals who are contractors or business owners need to get their own insurance coverage . you should be ready to answer medical questions and pass a medical test. In order to prevent disability fraud , some insurance companies may want to verify your income by asking your income tax report from previous years.
Group disability coverage replaces about 60 percent of your salary, You can also find insurance companies with disabiity insurance policies that replace your salary up to 70% ..
The common causes of new disability claims in Vancouver Bc are cances , injuries and poisoning,menthal disorder,connective tissue disorder,musculoskeletal,Cardiovascular/circulatory disorder . Also includes claims involving neck and back pain , issues with joint ,muscles and tendons , foot ,ankle and hand problems.
The word ‘disability’ make many people to think of catastrophic injuries, but more often disability means having back problems, being temporarily sidelined as you recover from cancer, or even battling depression. If you are being taken out of the work force for one of these issues you can face lifetime consequences without the proper disability insurance policy..
You usually pay 1 percent to 3 percent of your annual gross income for a private disability policy. For instance A 35-year-old software engineer earning $100,000 per year would pay $90 a month for private disability insurance . The insurance policy would provide him a monthly benefit of $5,000 until age 67.
We can not predict certain things in life. We can not predict an accident or an ilness related disability .You should take the initiative to protect your self throughout your working life, especially when you consider the tremendous investments you have made for the sake of employment.
Workers compensation insurance usually referred as WCB is a great way to protect young workers who work on hazardous job sites . The fact is more than half of disabling conditions are not work place related and are not covered by WCB. The leading causes of long term disability claims are not work place related and if the young individual does not have the right insurance policy , he will suffer during his illness period.
The cheapest disability insurance quote is not always the best insurance package for you. You should throughly check different disability insurance packages and choose the best insurance policy that will pay the claims you are most likely need. There are two main policies for disability insurance. "Own occupation" which means the disability preventing the person from working on his or her own preffesion. And any occupaion policy will only pay claims if the person cannot work on any reasonable job. "Any Occupation" Disability insurance policy seems like a better option for young individuals.
Industry statistic claim that 1 in 7 people can expect to be disabled for five years or more. More than one in four of today’s new entrants to the workforce will face a disability at some point in their careers. More over, only 47 percent of them report having emergency fund.Their two main reasons of not getting the insurance is because they think the insurance is not worth the money it costs and they do not work in a high-risk job that requires an insurance.
If you wait until you have an accident or you get a permanent disability , your coverage will be declined. It is an important decision for you to purchase a disability insurance plan when you are young and healthy.