Disability Insurance – Trika Financials

Disability insurance can provide you with financial security by replacing a portion of your earnings when an accident or illness causes you to become disabled and unable to work or earn an income.

Accidents and illnesses are a fact of life. They could happen to anyone at any time.

Why should you consider a personal disability insurance plan?

Worker’s Compensation only covers work related accidents. Unemployment insurance only covers 15 weeks. Canada Pension Plan: Are you comfortable relying on the government for a benefit that can change? Group and association coverage can fill a valuable role in long-term disability protection. However, the benefit may be limited by the definition of disability and coverage amount. Remember, a custom designed individual disability insurance plan will provide you with guaranteed coverage and guaranteed premiums.

I am covered by my employer-provided group benefits….

Group insurance coverage through work has its own limitations:

Most disability insurance plans will pay about 60 to70% of your income.
You will still have to pay 100% of your monthly expenses.
Your expenses may actually be higher while you’re recovering.
Your household income could be further reduced if your spouse or partner has to take a leave of
absence from work to care for you.

So What do I do?

First of all, check your coverage

If you have long-term disability and/or supplemental health insurance at work, find out exactly what you’re covered for, and for how much. You can then assess whether you may wish to increase your coverage.

There’s no question that a disability can change your life. But if you’re prepared for the possibility, you can spend less of your energy worrying over paying the bills, and more on getting better.

TRIKA financials -inspired by life – get a free no obligation quote for disability insurance -> contact us