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Disability Insurance

 

Disability Insurance

Disability Insurance provides a monthly income in the event you are incapacitated, and incapable of working due to an injury or illness. Often called “Income Replacement Insurance”, this coverage is important for self-employed individuals. It is also for those without disability insurance via their employer.

Your ability to earn income may be compromised through injury or illness if you become disabled. Your ability to pay bills or save for retirement could decline. Disability insurance plans are designed to help you meet necessary income requirements enabling you to concentrate on recovering from your disability and returning to an active income-generating life.

Generally, disability benefits are received if you can't perform the duties of your own occupation, a similar job in your field, or any job at all. How soon and for how long you can collect benefits is determined in your policy contract.

Income protection can provide income for disabled professionals such as lawyers or doctors, small business owners like plumbers or carpenters, leading business executives, as well as full- or part-time or home-based workers.

Disability insurance benefits are payable on a monthly basis during a disability for the benefit period of the contract, which can vary. When you recover from a disability, the policy continues, usually payable again for a subsequent or recurring disability.

Most people are aware of the importance of life insurance, but rarely think about having a disability despite the statistics indicating they are quite common. Death is inevitable, while disability is probable at any given age.

 

 

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DISCLOSURE

This website addresses many areas which are essential when considering one's overall financial picture. Networth Financial Corp. (NFC) is pleased to provide you with opportunities to invest in various Mutual Funds approved for BC, AB, MB & ON investors.

NFC is responsible only for business licensed under the Provincial Securities Act & Regulations. It does not supervise or review any other business. Our representatives conduct other business licensed under the Financial Institutions Act, which is the responsibility of another licensed entity, & not the responsibility of NFC.

The articles and information provided on this website are intended to raise issues and help you find solutions with appropriate professionals and should not be construed as advice for any specific situation or individual. Always consult your representative and your tax or legal professional if applicable before taking personal action


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