Disability – Loss of Income

“WHY DO I NEED IT?” 

Injury Only or Injury and Illness Insurance.  In the event that you become hurt or sick, a monthly income of tax free income will be paid to you as long as you are unable to work.

Why Do I Need It?  Income continuation in some form is a necessary part of life. You have it now as you are working. If you cannot work due a severe injury or a bad illness, you will need some form of income to replace what you are no longer earning to provide for food, medication and rent.

What Will Disable Me?  Most common area where statistically more injuries and accidents occur: your bathroom. Other areas: while driving, while on vacation (swimming, diving, skiing, etc.) while working (whether at the job or at a friend’s place), in your back yard (falling from tree, lawn mower injuries, falling from ladders, etc.) and the stairs in your house or anywhere else.  Illness has a higher likelihood of disabling you with an incredibly large number of your complex body parts either wearing out (eg. knees) or suffering from disease that impairs them (lungs, kidneys, heart, blood, etc.)

I Know What I will Do When I am Disabled..!  No you don’t. When you are disabled, it is due to a condition that takes control of your life away from you. You are not making decisions at this time: your spouse is, your boss is, your bank is, your suppliers and creditors are and of course – your doctor. The only way to wrestle a degree of control back is to have money. That is what a disability plan gives you: Control and Dignity.

A Simple Injury Won’t Disable Me!  Correct – but the medication that the doctor gives you for pain control will prevent you from doing your job. Severe muscle strains, broken bones in the feet or hand and burns are examples where seemingly minor injuries will prevent you from working.

What Do I Want in a Disability Plan?  The plan must be able to pay you soon enough to solve your immediate financial problems at claim – and long enough to match the length of your disability. It must also fit into your current budget! Having something is better than having nothing. Get what you can afford. You can add to it later (health permitting).

What Do I Qualify to Buy?  The type of plan, size of benefit and cost are all determined by your health, your income, your age and whether or not you are a smoker. Some plans like EDGE remove some of these constraints, making it easier to acquire the product.