Disability Insurance in Ontario is Not Available to Individuals Once They Have Become Unemployed

Disability Insurance in Ontario provides you with income if you suffer a disability that hinders your ability to work. If you suffered a disability and couldn’t work, the disability payment you would receive (no matter who the insurance provider is) is based on a percentage of your income.

Most people feel secure when they obtain a job that offers disability insurance as part of their benefits package. The problem is that only relying on your employer’s disability insurance provides short term gain (low disability insurance premiums, deducted at the source) with long term consequences.

If you become unemployed you will no longer be insured. Here are the two main reasons why Disability Insurance in Ontario is something that the primary income earner in any household should have:

Once you do not have an income, you will not qualify for Disability Insurance in Ontario.
The cost of disability insurance premiums in Ontario increase as you age. Additionally, if you become unemployed, obtain new employment and then realize that you need additional disability insurance, your premiums will be much higher than they would have been if you had started contributing to a disability policy at a younger age.

Most insurance providers offer a number of different disability insurance products that provide different benefits. There is term disability insurance that offers the lowest disability insurance premiums.

There are other disability insurance policies that return part of your premiums if you don’t make a claim, and policies that will guarantee your premium for the life of your contract. A good Life Insurance Broker will be able to compare the different disability insurance products and provide you with information about the costs and benefits.

One you have selected a disability insurance product that suits your needs, the insurance company will present you with an insurance policy. Your disability insurance policy is a contract. Once the insurance company signs off on your disability insurance contract, it is binding for the insurance company. They can’t make any changes to your contract, but you have the right to.

If you were to suddenly find yourself unemployed and while unemployed suffered a disability, your disability insurance policy would provide you the amount of coverage and income agreed upon at the time you signed the contract.

Also, if you obtain a disability insurance policy that guarantees your premiums for the life of your contract, when you are older, you will enjoy very low insurance premiums and maximum income protection. For more information about disability insurance in Ontario please visit http://www.wecoveryou.ca/ or call 416-849-1653.