Know About the Different Types of Disability Insurance Policies

1. Know About the Different Types of Disability Insurance Policies Disability insurance, although not very famous, is gaining wind and people are becoming aware of this amazing policy that covers one of the most important assets – your earnings. So, what are the different types of disability insurance options wherein you can invest? Or is there just a single agreement for all? To answer these questions, I have come up with this article. Here are the most common types of disability insurances. Long Term Disability Insurance As the name suggests, this disability insurance Toronto policy includes the protection of income for people who are suffering from disabilities for an extended time. This could be availed in case of severe injuries or chronic illness that has caused the person to stay away from work for many months or years or at times even permanently. The coverage benefits can be availed as long as 10 years but depending on the installment amounts and policy you have chosen. The policy covers as much as 60 to 80 percent of your monthly income as returns. Short Term Disability Insurance The short term is for temporary ailments and injuries. This insurance is normally included in the employment contract and paid by the employer as a benefit. But that doesn’t mean that you cannot buy another insurance policy for an extra cushion in case of dire need. The amount of coverage is usually 60 to 60 percentage of the monthly salary. And you can receive the benefits of this disability insurance Toronto policy for nearly 3-6 months. However, you can also go ahead and choose a policy that offers you cover for 2 years. Apart from these two major types, there are other types of disability insurance policies to like: Social Security Disability Insurance

2. State Disability Insurance Workers’ Compensation Insurance But these policies vary from place to place. And therefore, it is important to check with an insurance brokerage before going for any of these insurance policies. Contact: Pranesh Kunhikrishnan Duralegacy 201-1501 Ellesmere Rd, Scarborough, ON M1P 4T6 (647) 351-3872 pranesh@duralegacy.com https://www.duralegacy.ca/disability-insurance/