Disability Insurance
Disability insurance is designed to protect an individual’s income if they are unable to work due to a disabling injury or illness. It provides a portion of the policyholder’s income, helping them meet financial obligations while they recover or adjust to their new circumstances. Often referred to as “pay cheque insurance,” it protects your ability to earn—one of your greatest financial assets.
Key Features of Disability Insurance
- Coverage Amount: Disability insurance covers a portion of your pre-disability income. The exact amount depends on the policy terms and your salary or wages.
- Monthly Benefits: The policy provides consistent financial support by paying out monthly benefits during the disability period.
- Personally owned: Since the policy is personally owned, it stays with you regardless of your employment status. Unlike employer-provided disability insurance, this coverage remains in place even if you change jobs.
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