Most people understand the value of life insurance. But what happens if you are unlucky enough to sustain a serious illness, chronic disease or accident which prevents you from working? Such a scenario could be disastrous for your family’s financial security. That is where disability insurance can bring you peace of mind.
Disability insurance provides you with a portion of your income if you suffer from an illness or accident that keeps you from working, either temporarily or permanently.
Studies show that you are more likely to sustain a disability than die before average retirement age. A disability can have a dramatic and long-term impact on your earning potential, given that the average time off work is nearly three years.
Types of disability insurance
- Short-term disability insurance generally offers the policyholder a maximum of 6 months of benefits.
- Long-term disability insurance usually kicks in at the end of short-term disability insurance.
- Top up to existing disability coverage you have through your employer.
Let us help determine which type of policy is right for you.