Disability Insurance: Are you insuring your most valuable asset?

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Get the facts about disability insurance.


Learning about the proper coverage you need to have for yourself or your employees, is a good way to make a choice when it comes to Disability Insurance.

Most people consider assets such as their house, vehicles, and other physical assets as the most valuable to be insured. They overlook the most valuable asset to any human being: the ability to work. Disability insurance is one of the best available options to protect ones ability to work as it offers coverage for individuals who can no longer work because of injuries, illness or conditions that are related your health.

Disability insurance offers partial salary to workers who are eligible in different situations where the ability to work is lost. Research shows that most people between the ages of 20 to 45 years feel that their health is at its peak and thus choose to neglect disability coverage.

When considering this insurance option, one of the most fundamental factors to think about is the value of the human life and lifestyle that one’s family would likely lose in the event of a misfortunate event. Think about this: what would happen if you became disabled and thus unable to work today?

Generally, Disability Insurance has two options: long term and short term insurance.

  • • Short-term disability insurance is the option to consider in cases where a person has been out of work for more time than your available sick leave due to illness or physical injuries. It can last up to six months.
  • • Long term disability insurance is the option in cases where a person has to be out of work for more than six months. It can last for up to two and a half years.

Having this type of insurance coverage ensures that the insured is paid a certain percentage of their salary until they can resume work. Short-term disability insurance ensures the person is paid 50-70% of the salary while long-term coverage reimburses 40-65% of the original salary. In cases whereby your employer doesn’t offer short term disability insurance, it is always best to obtain disability insurance yourself via a reputable insurance agency like Avante Insurance.

7 Factors to look for when considering disability insurance:

1. Waiting and elimination periods

2. Guaranteed and non-cancelable renewable plans

3. Own career coverage

4. Future purchase choices

5. Cost of living changes

6. Retirement protection

Most employed people dont consider the possibility of losing what could go from one to many months of income. Disability insurance is the best option to protect your family in case of loss of income due to an accident or illness.  Disability insurance plans vary according to the financial needs and an educated estimation on the time away from work. When starting a new job, it is wise to consider the employers disability coverage offered. Then consider if you feel comfortable with the terms offered or to go for a personal or supplemental coverage. As an employer, you also need to learn about the best options for your team and colleagues.

Have questions about disability insurance?  We can help.  At Avante Insurance we are always standing by to help you determine the best insurance solutions to fit your needs. Our experience and expertise allows us to listen to what is important to you in your business and personal environment so we can provide you with the right insurance at the best cost. We speak your language so you are empowered about your choices.

 

 

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