3 Things To Know About Disability Insurance Policy When Buying From Best Broker In Calgary

 Humans buy insurance to protect them from a number of unfortunate events life can bring, but you want to know more rather than just buying something to “protect yourself”. This is because a lot of policies fail to provide coverage in certain unfortunate happenings.

Instead of procrastinating when something does not work, why not having knowledge about it before you buy an insurance policy?

Well, this is why we are here today. Disability can happen to anyone, but very few buy an insurance policy for it.

A good Disability Insurance Calgary policy can help you replace your lost income from an injury or illness that lasts longer than 90-days. This type of insurance policy helps you have a constant amount of money despite lying in bed or recovering from your injuries in the hospital.

But despite that, you want to know 3 important things about a disability insurance policy when buying one from the best broker in Calgary, Canada.

3 Things To Know About Disability Insurance Policy When Buying From Best Broker In Calgary

1.       Know The Benefit Limits On The Monthly Income

Everything has a limit, so does this one. In order to have knowledge about everything about your best insurance companies Calgary, you want to know the benefit limit that the monthly income the disability insurance policy is offering. You want to make sure that you will not make your expectations high in case you get to make a claim.

2.       Waiting Period

Depending on the type of insurance policy you purchase, your waiting period will be different each time. Harpinder Sidhu, the best disability insurance broker in Calgary, Canada, says that the most common waiting period is 90 days. This means that you will not be receiving benefits until after you become disabled for 90 straight days. If you want to cut down the waiting period, you will have to pay more.

3.       Partial Disability And Residual Disability

There are 2 types of disability insurance and they are:

·         Partial Disability

In this one, the person that is insured will be eligible for a flat percentage claim, which is usually up to 50 percent.

·         Residual Disability

This one is the less common that is borrowed. It only covers you a minimum of 20 percent loss of earnings. The amount that you will be getting from this policy is based on the income that you have each month.