Buying disability insurance is a very important decision in your life. While you are thinking about the premium you will be paying, it is also important to consider the possible benefits you will receive if you happen to face a disability. Following are some things you may want to consider when purchasing disability insurance coverage:

• Do I have any coverage from my workplace? If so, how much does it cover and what is the length of the coverage? Typically, group plan coverage starts when Employment Insurance coverage period ends for short-term disability.

• If you are self-employed, you are most likely not covered under the Employment Insurance program. If you have purchased a group plan for your company, you may want to consider a shorter waiting period, keeping in mind that you might have no EI coverage.

• How much coverage do I want? Higher coverage usually means a higher premium.

• How long will the benefit be paid? Typically, you can choose a benefit period of 2 years, 5 years, or up to age 65. The longer the benefit period, the more expensive the coverage will be.

• What do I want covered in the policy: just accidents, or sickness as well?

• Will there be integration of benefits with other benefits I may receive? Typically, insurance companies don’t want you to receive more collectively while you are disabled than what you were earning at work. Most companies integrate benefits from other sources while being disabled. It is important to know what those will be ahead of time to avoid surprises.

To make sure you are getting the best coverage for your needs while keeping premiums under control, please give me a call.