In Canada, Statistics indicate that disabling accidents happen every minute on average. This amounts to about 10% of the population. Nobody knows when a disabling accident will strike. For this reason, it’s always wise to take an insurance cover against a disability. A Disability Insurance (DI) is an important cover that helps you to protect your earned income and other benefits against risks created by a disability. In this case, risks that prevent you from performing your work duties are covered and you earn what is duly yours. For instance, if you suffer a physical impairment, and you cannot maintain composure at work, the cover will ensure that you get a paid sick leave among other benefits. The extra benefits can be short-term or long-term, depending on the cover that you take. The disability insurance Canada covers are flexible and come with affordable policies.
Disability Insurance Covers that You Can Take
There are three basic categories of Disability Insurance that you can take. The first category is called an Individual DI. This is for individuals who are not paid health benefits by their employers do and for the self-employed who desire to take a DI cover. With the Individual cover, you can pick a policy that is convenient for you and one that you are comfortable paying for. The second category of Disability Insurance is the High-limit DI. This cover is designed to step up your individual benefits to about 65%, irrespective of your income level. Lastly, you can take a Business Overhead Expense (BOE) cover. This DI reimburses your business as a whole for overhead costs, in case you suffer an accident. All the three categories fit into one broad group known as Social Security Disability (SSI).
About SSI
According to the Blue Book, an impairment listing a number of conditions qualifies one for the SSI benefits. This incorporates conditions that are physical and mental. Listed conditions for the SSI benefits include Muskoskeletal Problems, Skin Disorders, Cancer, Immune Syndromes, Mental Disorders, Digestive Problems, Respiratory Illnesses, and Cardiovascular Conditions among others. When filing an SSI claim, it’s not a must that your condition be listed in the Blue Book. Nevertheless, the given condition should be related to the ones in the manual.
Conclusion
Disability Insurance is a good cover for everyone who is working and desires to have his or her finances safeguarded against disability accidents. In Canada, there are reputable firms that can help you take the right DI cover to enable you secure your finances. So, never ‘live on the edge “again; secure your financial feature today with a DI.
