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- 1185 Queensway E, Mississaugua, ON. L4Y OG4, Canada.
- Mon - Fri 9am - 6pm
Service Details
Disability Insurance
Service Overview
Securing Your Financial Health Despite Disability
The Canadian Human Rights Act defines disability as a physical or mental condition limiting an individual’s ability to perform daily activities smoothly. Disabilities can be permanent or temporary, affecting various aspects such as vision, hearing, learning/behavior, limbs, or oral functions. Employment is a significant aspect impacted by disability, not only affecting physical abilities but also impacting confidence and mental well-being.
Understanding Disability Insurance:
Standard health insurance covers essential health services but may not provide substantial support in case of disability resulting from injury or accident. Disability Insurance becomes a crucial safeguard in such situations. It provides coverage for individuals and their families in the event of unexpected injury or accident leading to loss of income or employment due to disability. The insurance typically pays 65% to 80% of the insured person’s annual gross pay in monthly installments until age 65, depending on the Disability Insurance plan. While some companies cover employees under the Work Safety & Insurance Board (WSIB), it is only valid during working hours.
Disability Insurance, on the other hand, has no such limitations. Companies may offer Disability Insurance coverage for employees, but individuals can also purchase it for themselves and their families.
Importance of Disability Insurance
- Statistics indicate that 22% of Canadians aged 15 and above have one or more disabilities.
- The employment rate for disabled Canadians aged 25 to 64 is only 59%
- Accessibility for insurance despite medical history
- Ensures monthly paychecks, providing financial stability
- Provides financial security for the family
- Offers diversified benefits equivalent to regular income
- The likelihood of severe injuries resulting in 90 days or more of employment loss is high, affecting 1 out of 3 individuals
Choosing Disability Insurance:
Selecting disability insurance requires careful consideration of needs and budget to ensure appropriate coverage.
- Short-term Disability (STD): Covers 70% of regular income, addressing employment gaps of 15-52 weeks.
- Long-term Disability (LTD): Begins after STD expires and extends benefits up to 2 years, requiring engagement in work rehabilitation plans for extended benefits.
Points to Consider:
- Analyze current needs, potential future expenses, and ability to cut back.
- Consider dependents, their essential needs, and associated costs.
- Account for down payments and savings bonds.
- For self-employed individuals, calculate the overhead costs of running the business.
- Some insurances offer coverage until the age of 75.
In case of potential rejection of insurance applications, seeking guidance from a reputable insurance broker is advisable. The Star Financials has extensive experience in the insurance field, boasting a team of experts ready to provide advice, helping individuals select the most suitable plan within their budget.
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Life throws curveballs, but filing your insurance claim shouldn’t be one of them. At The Star Financials, we understand the stress an unexpected event can bring, and that’s why we’ve made the claims process easy, efficient, and stress-free.
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1185 Queensway E, Mississaugua, ON. L4Y OG4, Canada.
info@thestarfinancials.com
+1 (416) 832-7932