Posted: 26 Aug '12
What We Need To Generate a Disability Insurance Quote
Disability insurance is not like most insurance contracts where you can just
buy the amount you want or need. With disability insurance some of the requirements come from government regulators and some from the insurance industry itself.
The basic rule is that your income can not be greater when disabled and on disability claim than your income was while you were working. Take your monthly income, multiple it by 66% and that will give you the amount of
monthly disability insurance that you can purchase. The 66% will vary a bit between companies but it will be close.
The second question to run a disability insurance quote is what is your occupation? Every occupation is assigned a disability class. There are 5 occupational classes that you might fall in and knowing what your occupation is and in some cases what you actually do each day in that occupation will determine the type of disability insurance you can buy.
Your income and occupation will determine the disability contract you can buy then inside that contract you will have another 4 or 5 options to choose from to get the contract fitted to your needs.
It might all sound complicated but it’s not more complicated than your life will become if you suffer a disability - your income stops but the bills keep coming in.
Disability insurance is peace of mind, security and the comfort of knowing that your income will continue even if you’re unable to go to work for a few months or a few years.
For peace of mind call 780 433 3900 and ask for David.