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The first step for you will be to identify your needs and risks. How much money would you need in the event you had cancer? Hospitalization costs, short-term / long-term care, medications ... How soon? For how long? What is your budget in terms of insurance? So many questions to answer. Refer to an expert in cancer insurance. Fill out the form on this page.
What percentage of your income do you want to receive during a possible period of disability? For how long? Are there any exclusions or limitations? How soon will you receive the first benefits? What happens in case of recurrence of a serious illness? Consult a professional.
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Plan for the problems that your disability would cause by taking out salary insurance!
60% of Quebecers had salary insurance (also known as disability insurance) in 2006 (source Presse 1 October 2006).
In 2012, Statistics Canada revealed that 3.8 million citizens reported having a disability that limits their daily activities which represents almost 14% of the country’s total population.
Nowadays, more than half of the residents of Quebec Province have disability insurance, whether through their employer (group insurance) or personal disability insurance.
DEFINITION OF INVALIDITY INSURANCE
Salary insurance / disability insurance compensates for the partial or complete loss of your income for a specified period in the event of a diagnosed disability.
Benefits paid monthly will allow you to pay your daily expenses. These benefits represent a percentage of your salary (a typical group salary insurance covers between 60% and 85% of your taxable income).
WHAT IS INVALIDITY?
Disability occurs when an accident or a psychological or physical impediment prevents you from performing your job.
A degenerative disease can also cause this condition.
The law defines disability as a mental or physical condition that prevents an individual from providing for himself or herself.
Know that insurance companies do not define “invalid” in the same way.
It is important to check their guide before choosing the coverage that will suit your needs.
1.The person can no longer perform the tasks for which they are qualified. Also, the person can not work in another field in which she could become qualified.
2.The person is unable to perform most of the tasks in their regular job.
There are some cases where you can be compensated for lost wages due to disability. They are as follows:
With State Plans (with the Government).
With a group insurance plan (some unions, employers or certain associations)
With insurance for special purposes (dismemberment, critical illness or automobile insurance)
With an individual insurance (disability insurance or salary insurance)
First, it should be noted that individual disability insurance is owned by one person only.
If you are self-employed, protect your income because no one else will help you.
To find out the price of your salary insurance, you must first send an application to an insurer.
This form will be analyzed to calculate the cost of your premiums.
This information provided will mainly affect the fluctuation of your price:
Your medical condition.
Your current salary.
Your job type.
Depending on the circumstances, the insurer may require a medical examination if it wants additional details about you.
This is normal. Don’t be afraid !
A few individuals are denied access to disability insurance.
In a worst case scenario, the insurer will usually charge you a premium.
If your job is dangerous, expect adjustments such as shortened benefits or an extended waiting period.
The selection criteria that will be offered to you at the time of your subscription will affect the price of this protection.
Here are the three most important factors in individual disability insurance that will need to be addressed:
The duration of this coverage (a few months or a few years).
The waiting period (1 to 4 months without income).
Preserving this coverage despite the loss of your job.
Initially, you will receive a diagnosis of disability from a doctor or health professional. From that moment, a waiting period is required before receiving your first benefits.
The waiting period indicates the number of days required.
At the time of the signing of your contract, you can usually extend this period to lower the price of your premiums.
If you think you have enough money in the bank to support you for some time without an income, do it!
If you have group insurance and do not know the length of your waiting period, contact your insurer who will inform you.
Normally, you will find these choices of waiting period:
30 days (about 1 month)
60 days (about 2 months)
120 days (about 4 months)
Stories circulating everywhere say that the principal determinant in obtaining disability insurance is your doctor.
Think again as this is not the case at all!
Since the insurer issues your contract and is the one responsible for paying the benefits, it will decide whether to accept your disability status or not.
Of course, it is based on reports and information from all the other parties involved.
If you do not agree with its decision, there are legal measures to protect you.
By filing a complaint with the Autorité des marchés financiers (AMF), an agent of the information center will take care of your case and will guide you in your request.
With just two minutes of your time, fill out the free form on this page to compare more than 20 insurers.
This FREE price comparison tool will allow you to find the best solution for your disability insurance!
A partner broker (all qualified insurance brokers) will assist you personally.
Do not waste time and receive your customized quote without delay. The savings can be substantial so do not miss it!
It is NO COMMITMENT ON YOUR PART !