Long Term Disability insurance is a cornerstone of a sound financial plan!
The Walton Financial Group in Barrie, Ontario offers an Insurance planning consultation to determine the place of disability insurance in your financial plan
DO I NEED DISABILITY INSURANCE?
If you depend on your income, disability insurance is a responsible decision to make. This insurance will provide income if you are unable to work because of sickness or injury. It ensures you don’t fall behind on your payments, are able to continue to provide for yourself and your family and cover any necessary medical expenses that may not be covered by OHIP.
WHAT IS THE LIKELIHOOD FOR ME OF GETTING TEMPORARILY DISABLED?
1 in 4 Canadians will experience a disability situation before age 65. It’s hard to believe but these are the facts.
IS MY GROUP INSURANCE PLAN SUFFICIENT?
Unfortunately, no. Most group plans are not comprehensive and tailored to your specific needs. Its always a great idea to go over your coverage with an Insurance Advisor at the Walton Financial Group in Barrie and patch any gaps in your coverage.
What benefits do you get from long-term disability?
When you qualify for LTD benefits, you’ll get a monthly payout for covering everyday expenses like your mortgage or rent, groceries, utilities, etc. Most LTD policies pay out benefits for up to two years if you can’t return to your job. If, after those two years, you’re still unable to work, the benefits may continue until you reach 65 years of age and can access the Canada Pension Plan. Alternatively, you may receive provincial disability support or Workplace Safety and Insurance benefits. Depending on your LTD policy, you could receive up to 85% of your salary.
Disabilities and illnesses covered by long-term disability insurance
Here are several illnesses and disabilities that may be covered by your LTD insurance, but do check your policy to confirm:
-Cancers
-Cardiovascular disease and stroke
-Injuries affecting the body, such as the back and the brain. This can include fractures.
-Post-traumatic stress disorder
-Mental health issues, such as anxiety, depression, bipolar disease and other mood disorders
-Seizures
-Multiple sclerosis
-Gastrointestinal issues such as Crohn’s disease, irritable bowel syndrome and colitis
-Chronic fatigue syndrome
-An accident on the job
To truly know what’s not covered by LTD insurance, call the insurance professionals at the Walton Financial Group in Barrie Ontario
Are long-term disability benefits taxable?
If your employer pays part of the premium, then your benefits are taxable. If you pay the entire amount, then benefits are non-taxable, LTD insurance is usually purchased by the employer, but if your employer doesn’t offer it as a benefit or if you’re self-employed, you may want to consider buying it yourself.
The insurance advisors at the Walton Financial Group in Barrie, Ontario will work with you to create a LTD policy that suits you.
