4 Disability Insurance Woodstock Myths

1. Disability cannot happen to us, it happens to the other people!

2. Having disability insurance Woodstock as group insurance plan


3. Disability insurance doesn’t come in less money.


4. I’ve got an emergency fund in case of need.


Not very popular and mostly overlooked, disability insurance Woodstock is however essential if you face some disability and don’t have an income.


Disability income insurance, or disability insurance Woodstock, is insurance you can purchase to guarantee an income in case you are unable to work due to illness or injury.


There are 2 types of disability insurance:


Group disability insurance Woodstock: Offered to all members of a group like the employees of a company 


Individual: It is purchased by someone who doesn’t have group coverage, someone who is self-employed.


Disability insurance protects you from meeting your financial obligations for a specific period of time:


Short term: Short term insurance is valid for a specific, usually a predetermined number of weeks.


Long-term: Benefits are paid over a longer period that may extend into years, and in some cases, at least until age 65.


1. Disability only happens to other people!


Disability is not just about the physical injury: 75% of disability cases are related to illness. Even if you work in an office, you’re still at risk of disability


Today, Mental illnesses like depression and anxiety are also major causes of disability.


Chronic illnesses like cancer, diabetes, heart disease, high blood pressure make workers unable to work for long periods of time.We are not immune to developing such an illness.


In Canada, 1 in 3 workers of age 30 to 64 will experience a period of disability during their career. 


2. Got disability insurance with a group insurance plan


You’re one of the lucky ones if you have disability insurance with your employer’s group insurance. But , Did you know that the disability insurance under your contract might not be enough?


These plans provide for a specific amount of insurance benefits, after which you are expected to manage on your own. Most group insurance contracts cover a percentage of the salary, and the benefits paid under such a contract may be taxed. If your group coverage doesn’t seem like enough, you can:


Increase your coverage with options available under your employer’s group plan, if that’s possible. Consider personal life insurance Woodstock.


3. Disability insurance doesn’t come cheap



Disability insurance is expensive, but it’s well worth it. And the peace of mind it brings you has certainly no price!


4. I’ve got an emergency fund


If you’re self-employed – you do set money aside … just in case of emergency


But did you know that an emergency fund has to be equal to 3 months’ salary? And it might not be enough in the case of a long-term disability.


You’re better off taking out personal disability insurance Woodstock. In this case, You’ll get substantial fixed benefits, generally tax-free in this case, and you will be able to meet your financial obligations.


Talk to your financial advisor and make up your mind about disability insurance Woodstock. 


He or she will show you different options based on your situation, it will bring you peace of mind!

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