INSURANCE
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How can salary insurance help you?
Why disability salary insurance?
A long disability can have devastating consequences. Your salary is the basis of your financial statement. If you have an accident or a serious illness that prevents you from working, how would you replace that money? Many will say that they can use their savings or investments, but if you save a certain percentage of your salary each year, as little as a few months of disability could deprive you of 5 years of retirement. Also, if it is an RRSP, there will be taxation at source.
So, being prepared for a work stoppage will give you peace of mind and financial security.
A misconception is that salary insurance is only for self-employed workers, business owners, or anyone who does not have access to government employment insurance. Think again, this type of product can be very useful for employees who do not have group insurance.
Get salary insurance now!
Salary insurance is not as expensive as we might think. There are many criteria that must be taken into account and it is precisely these criteria that will determine the cost, such as:
- age
- Sex
- smoking status or not
- the amount of the benefit
- the waiting period
Features of salary insurance:
- Disability in the event of accident and illness or disability in the event of an accident only
- Benefits between $500 and $4000/month
- Benefit period of between 2 years and 65 years
- Waiting periods – 0 to 120 days and 0 days in the event of an accident.
- Total Disability and Partial Disability
- Total Loss of Autonomy Benefit
- Premium Waiver
- Non-integrated and uncoordinated services
- No restrictions or exclusions for soft tissue injuries
- No restrictions for mental or nervous disorders
- Guaranteed benefits at the time of claim
- Professional category is guaranteed
What are the types of salary insurance?
1. Short-term disability insurance
- Covers a period of temporary disability ranging from a few weeks to several months.
- Usually offered by the employer or subscribed individually.
2. Long-term disability insurance
- Protects the insured for an extended period of time until retirement.
- Can be taken out individually or through the employer.
Salary insurance vs disability insurance
Although similar, these two protections have key differences:
- Salary insurance compensates for the loss of income in the short or long term.
- Disability insurance offers broader compensation in the event of severe disability that prevents any professional activity.
Request a quote now from our partners
1 866-350-9763
