Have you ever heard of disability insurance? We have talked a lot about other types of benefits, such as life insurance or those that offer a direct benefit for individual or family health.
Let’s say that these types of insurance provide a guarantee of income to remedy very specific situations. They can help alleviate economic imbalances that arise after an unfortunate event or become a watershed in those situations where the health of one of the members of the family nucleus is involved.
However, how to solve those emergency situations in which, for various reasons, their economic stability is compromised?
Many people prioritize the insurance of their material assets: a car, a house, real estate and so on. This is not a bad practice, quite the contrary.
However, it is important to know that in economic terms there is nothing more invaluable than the guarantee of a constant income. We are referring to the salary that can be compromised when we suffer an incident that hinders the development of our daily activities or hinders family welfare.
For most of us, our salary is our most important active income, so in the event of an incident, disability insurance can be a real lifesaver.
Having a guarantee of future income can make the difference between preserving your family’s well-being or having a complicated financial future. Stay with us, in the following minutes we will give you a brief tour through important facts you should know about this process.
Are you ready? Let’s get started.
What is disability insurance?
What do we mean by disability insurance?
Disability insurance is an emergency fund that allows you to earn income generally tax-free (ask if your disability insurance is taxable or non-taxable), over a short or long period of time.
The reason for the disability may be caused by various eventualities, such as injury, serious illness or mental health recovery. Disability insurance will provide you with the money you need to cover your living expenses if your circumstances do not allow you to work on a regular basis.
A life and disability insurance policy would allow you to continue with your regular rhythm of life in the event of a misfortune and your ability to perform your job is limited.
Types of disability insurance
Depending on the type of coverage, we can classify life insurance into two broad categories: short-term life insurance and long-term life insurance.
Short-term disability insurance is characterized by a relatively short period of coverage. Although it depends on the insurer, these periods can range from three months to one year.
Short-term disability insurance is applicable for people who have suffered a temporary disability, such as a serious injury or illness.
Long-term disability insurance, on the other hand, can cover periods ranging from three months to 65 years of age, which is the average retirement age. This means that it would make it possible to replace the value of a salary in the event of a serious permanent injury.
The main advantage of applying for this benefit is that most insurance companies protect your retirement fund, so that it is not affected.
How is disability insurance applied?
Chances are that you already have an insurance service from your employer. This is because incidents happen and you need to have a plan of action if this is the case. However, it is likely that even with your employer’s protection, the amount you receive will not be enough.
When you purchase disability insurance on your own, you know that you own the policy amount and that you will not lose the benefit if you are terminated from your job.
Purchasing a disability insurance policy will give you the guarantee of a monthly income, with which you will even be able to pay your property insurance bills.
How does Lewer’s disability insurance work?
Regardless of the nature of the work, every employer should have a workers’ compensation program in the event that an employee suffers health complications that prevent him or her from working. However, the vast majority only apply to those cases in which the injury is directly related to work.
This means that, in case of an external situation, such as illness, your case is probably not applicable to this insurance policy.
For this reason it is important that you create your own backup plan and go to a reliable insurer like ours. Our disability insurance will allow you to enjoy a benefit for a short or extended period of time, depending on your situation.
To find out if you are a candidate or if you meet the necessary requirements, do not delay in contacting us. You can reach us at 1-800-387-8244, (450) 663-6660 or fax (450) 663-8880. Otherwise, you may contact us by e-mail at [email protected].