Disability insurance provides the money needed for meeting your requirements when you become disabled or sick. Normally, a few plans are provided by the employer of an individual. However, if the individual loses his/her job the protection is also lost. Moreover, the coverage amount and scope of disability insurance plans provided by government is also limited. However, a personal disability insurance plan is always there to safeguard you.

We must all realize that the pink of youth does not last forever. Moreover, the truth is that people below 65 years of age are more prone to the risk of becoming disabled. In addition, disability is usually mistaken as the loss of mobility due to a sudden accident or an unexpected event. However, an individual may become disabled due to fatal diseases like diabetes, heart problems or cancer. Therefore, it is more important for young people to get themselves insured.

A myriad of benefits are provided by disability insurance plans. Moreover, disability insurance benefit is not limited to getting a monthly income if you are not able to work. Disability insurance offers tax-free income if you are injured or become sick. Besides this, it is most suitable for an individual who earns a sustained income but does not possess disability insurance through his/her employer.

Apart from these, disability insurance benefit includes the following:

a)     In contrast to the plans provided by an employer that end with resignation from a job, a personal disability insurance plan cannot be taken away.

b)    Based on your profession, disability insurance plans provide income during the times you are unable to work.

c)     The benefit period of disability insurance can vary from two years to the age of 65 years. The period is usually decided by your requirements, budget and occupation.

d)    Offers replacement to the income which is lost due to disability.

Disability often blocks the sustained employment of a person. It is a major cause for bankruptcy across Canada. Yet, majority of Canadian residents do not hold a rational approach towards disability insurance and the need to get an adequate coverage.

A mishap can occur at any point of time in your life. Therefore, it is essential to get yourself insured at the right time.