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Life insurance may be one of the most important purchases you make. It is basically the pinnacle of the whole adulting thing. If you think a policy is too expensive, or your employer-offered insurance is enough, think again, analyze and research. The bottom line is, you need enough life insurance
Although it is not a mandatory requirement in Canada like car insurance, you and your loved ones will in one way or another need life insurance when you least expect it. This is especially important if you have dependents who will be largely affected financially should you as the sole provider die. It can be used to pay off debts like mortgages of a home that is to be inherited.
Below is an analysis of everything that entails life insurance policies including their different types, their cost, and who should be investing in them:
What is disability insurance?
According to the social security administration, at least a quarter of the 20-year-olds will become disabled and unable to engage in their regular work before hitting 67 years. The problem is, very few people are aware of the disability insurance services in Canada. This is a type of insurance that is designed to replace a portion of your regular income should you become unable to work.
Disability insurance acts as an income replacement paid every month to the insured as they recover from an illness or injury. It replaces not the entire income but approximately between 60-80% of the salary. This makes the insured person able to manage their lifestyle standard without falling into financial crisis and instability.
If the accident occurs outside the place of work, health insurance or Medicare might cover the bills. However, health insurance doesn’t guarantee coverage of lost wages for the time that you will not be able to go to work. It only focuses on your medical bills.