To find protection during dire times is an innate reflex we all seem to have. During emergencies, we seek to protect our valuable assets and belongings—our families, our homes, and our way of living. This feeling is especially heightened when something unexpectedly hurtful occurs. Accidents happen all the time, and there is no better way to be prepared for an accident than to have an alternate plan of action. This is why disability insurance is the best possible contingency plan anyone can ever have.
In Canada, one out of three people will experience an injury that will disable them temporarily for at least 90 days. With a disability insurance policy, a person’s income is protected in case the insured is unable to continue to perform work due to an illness or injury. As Montreal’s leading financial advisor, Robert Yancovitch can adapt a plan to accommodate any client’s needs.
Canadian employees are mandated to contribute to the Canada Pension Plan, a social insurance program that can provide disability insurance in the event of severe and long-term physical or mental disability. However, Canadians citizens seek private insurance coverage for better protection. As there are different types of disability insurance out there, it is important to understand and know which one you will need. There are personal and business types of disability insurance.
Individual plans will pay the insured tax-free monthly benefits, while business plans typically cover for fixed expenses such as property taxes, utilities and rent, and even payroll. There’s also short-term and long-term disability. Short-term disability covers a timeframe of about 15-52 weeks and usually pays around 70% of the insured’s income. Long-term disability takes over once short-term disability coverage runs out. In order to continue receiving benefits, the insured is typically required to participate in a work rehabilitation program for the additional two years of long-term disability coverage.
Having a financial advisor such as Robert Yancovitch in Montreal will help clarify disability insurance options for those who are looking for that extra financial security. There really is no replacement for peace of mind, and having disability insurance will guarantee that and more. With all his experience working in Montreal’s insurance industry, Robert Yancovitch will guarantee you have just the right plan you need.