Why do you need Disability Insurance?

Why do you need Disability Insurance?

Health Insurance can protect your well-being, but what will protect your ability to earn an income?

Disability Insurance is an Insurance Plan that can provide a source of income to people who are unable to work due to an accident or illness. It provides financial security for you and your loved ones who may depend on your ability to earn. This is why it is also referred to as Disability Income Insurance or Income Protection.

What does the Disability Insurance cover?

Disability Insurance is an important backup plan if you can’t go to work and need to keep up your income while recovering. This Insurance covers injuries and illnesses that limit your ability to do what’s expected from you at work.

Types of Disability Insurance

All Disability Insurance plans are designed to provide you with a source of income if you are unable to work. There are mainly two types of Disability Insurance:

  1. The short term disability is for the people who want coverage for a short period of time.
  2. Long term disability Insurance cover people who want coverage for a long period of time.

Who needs disability insurance?

If you are the sole bread earner of the family, then these plans can protect you and the ones who rely on you, and will be affected if you suffer from accidents or illnesses. This can be useful if your employer does not provide you with sufficient coverage or if you are self-employed.

These plans can also help you when you are unable to work and buckling under debt. The plans can replace part of your income and can help ensure you don’t fall behind on debt payments even if you get sick or injured.

Essentially, if you depend on a paycheque to cover your living expenses, then you will need this insurance plan to help you in case of any unforeseen circumstances.

Disability insurance is crucial to protect your income and lifestyle in case of an unexpected disability. Contact Harpreet Puri today to secure your financial future.