physically challenged man working in a factory

4 Reasons You Should Get Disability Insurance

 

If you think your most important asset is your home or car, think again. If you’re employed, it’s your ability to earn an income that’s most valuable.

 

This is why it’s important to protect yourself with disability insurance. Here are four reasons every employee should have this type of coverage.

 

1. To protect yourself and your family


Some people mistakenly believe that disability insurance only provides coverage for on-the-job injuries. On the contrary, this type of insurance will cover you for any sickness or injury that prevents you from being able to work. The majority of claims, therefore, are for physical and mental illnesses such as cancer, depression and anxiety.

 

Life is unpredictable, and an injury or illness can happen at any time. In some cases, you may be unable to work for months or even years. If you have disability insurance, you’ll be able to continue to provide for yourself and your family while you’re incapacitated.

 

2. To top off your group insurance policy


Your employer’s group benefits package may not be sufficient to cover you for an extended illness or prolonged recovery from an injury. If you’re unable to work, it may leave you and your dependents vulnerable.

 

In many cases, the group policies offered by companies consist of short-term disability packages that cover you for 50% of your income for only a few months. Topping up your employee benefits package with disability insurance will ensure you’re sufficiently covered if you can’t work for an extended period.

 

3. To protect yourself if you’re self-employed


If you’re an independent contractor such as a carpenter, freelance writer, taxi driver or consultant, you won’t have any employer-sponsored benefits at all. In fact, your income will be entirely eliminated if you can’t work. A disability insurance plan will offer you protection.

 

4. To be able to pay your bills


If you’re like most Canadians, you have bills, car payments and a mortgage you need to pay for. These expenses need to be taken care of. A disability insurance plan will allow continuing to pay for your expenses and ensure you can avoid going into debt.

 

Disability insurance in Nova Scotia


Eisenhauer Insurance Inc. is a trusted insurance brokerage serving Halifax, Dartmouth and surrounding communities in Nova Scotia. Our experienced insurance brokers can answer your questions and design an insurance policy that will fully protect you and your loved ones. Contact us today to learn more or to get a free quote.

 

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