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What is a disability? How is it defined?
One of the most important aspects of a disability insurance contract is its definition of “Disability”. Most contracts will refer to and define total disability, partial disability, residual disability and presumptive disability.
- Total Disability is best defined as your inability, due to sickness or injury, to perform the important (or substantial) duties of your regular occupation. Most contracts will also specify that you must be under the care of a physician and not working at a gainful occupation. Word of advice: Be weary of contracts that define disability as your inability to perform ANY occupation for which you are, or can become...
- Partial Disability
- Residual Disability is not defined by loss of time and duties but rather by loss of income (generally 20% or more) due to sickness or accident.
- Presumptive Disability.
How much does disability insurance cost?
The price of disability insurance is based on many factors. The elimination period, benefit period, age, sex, smoking status, and occupational class and of course benefit amount, are all factors that will determine its cost. It can be inexpensive but generally represent 1% to 3% of your annual income.
Look it this way. Of two similar jobs offered to you, which would you take? The one offering you $100,000 per year while you work and nothing if you could not work because of a sickness or accident or the other that paid you $98,000 but guaranteed you the equivalent of
Why should I deal with Goulet Insurance?
Goulet Insurance represents all of the companies offering high quality, non-cancelable disability insurance contracts in Canada.
With over 30 years of experience we can assist you in selecting the proper plan and benefit amount to meet your needs,
Why should I have disability insurance?
If you are reading this, it's probable that you know why you should have it.
We look at it this way.
If you owned a goose that laid golden eggs, which would you insure first, the goose or the eggs?
Most individuals insure their homes and autos etc. These represent the eggs.
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80% of your income should you be prevented from working if you were sick or hurt, and that, until age 65 or earlier recovery.
Keep in mind that you ability to ear income represents your most valuable asset. Loosing that ability, without having in place a solid income protection plan, can jeopardize your entire financial future.
Find out what a quality disability plan costs by requesting a quote now. Can you afford not to have it?
all while helping you understand these types of policies so that you can make the right choices,
We go through additional step in the underwriting process in order to minimize the risk of problems at claims time.
Although it is important to insure the eggs, it is even more important to insure the goose that lays them.
Through your earned income, you are considered the goose and through your income, generate a particular lifestyle that would likely change dramatically if you lost your ability to generate income.
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