Article provided by: Money Walk
Disability insurance is crucial for you and your family. If you get injured and can’t work, you need to protect your income. That’s where Money Walk comes in. We can get you the disability insurance in Alberta that can take care of you when you need it most.
Situations covered by disability insurance
If an accident occurs and you lose your ability to work, disability insurance covers up to 85% of your lost wages for a specified amount of time. The following are examples of when disability insurance is applicable.
- Pregnancy and childbirth
- Recovery from an injury
- Therapy in conjunction with an injury
- Total disability
If you find yourself in a situation and you need to use your coverage, partner with your provider.
Types of disability insurance
There are two types of disability insurance: short term and long term. Short-term is as simplistic as it sounds. This insurance helps you in situations where you are disabled, but the disability is not long term. This type of policy is ideal for conditions like pregnancy, where you out of work for a few weeks. These policies typically can only be used once a person has used up all other benefits like paid time off and paid leave.
Long-term disability is also as simple as it sounds. When your short term insurance runs out, your long term plan kicks in. The monetary benefits are not quite as generous on long term plans. Only 50-60% of your wages are available through these plans. However, the advantage is that they last much longer. Benefits from these plans can last for years. Some policies pay you until you reach retirement age, and you transfer to retirement benefits. We can find you the disability insurance in Alberta that fits your budget and needs.
Why is disability insurance important?
No one knows what will happen to them from one day to the next. Your health can change in an instant. No one knows what the future holds. That’s why disability insurance is so crucial to have.
While you recover from injuries, your employer does not pay you. Even if you have savings, a lengthy stint out of work can deplete it. Disability insurance provides at least a portion of your wages to you during your time out-of-work. This allows you to feel some level of comfort while you recover from your injuries. You can focus on getting well and not worrying about your lost income.
Picking a disability policy
There are options available through employers as part of a benefits package. In case your employer does not offer these benefits, contact an insurance agent or financial advisor. They can find multiple policies for you to choose from. This type of insurance is crucial for everyone to have to protect themselves and their families.
Do not delay! Contact Money Walk today. We will find you the best policy for disability insurance in Alberta that meets your needs. Call us today to get started.Disability Insurance Alberta
View Larger Map