Accident disability insurance for contractors
- January 28, 2022
- Posted by: olinsadmin
- Categories: Disability Insurance, Insurance Toronto, Life Insurance Ontario, Life Insurance Toronto, Medical Insurance Ontario
It’s hard to live on a paycheck but what about living without it? This is a rhetorical question, the question to make a point. Because an accident can happen anytime and may have a big impact on your ability to pay your bills. Many people are injured simply doing their jobs or everyday activities such as housework or renovations.
What is Accident Disability Insurance?
Accident Disability Insurance can help protect you and your family from an unexpected injury that leaves you unable to work and earn an income. Generally, disability insurance replaces between 60% and 85% of your regular income for a specified period of time. It provides you with monthly payments to help cover expenses, replace your income if you become disabled, or provide the money for hospital and convalescence costs, payable in addition to other coverage.
Who the accident disability insurance plans are designed for?
Specially designed for self-employed people or people working on comissions, accident disability insurance is a straightforward, affordable and easy to purchase plan that can help protect your income if you become injured in an accident. It’s a must-have insurance policy for those who are truck drivers, contractors, farmers, fishermen and many others higher-risk occupations and professions. It’s pretty clear that the probability of getting injured in a traffic accident is higher for truck drivers than for accountants.
What does accident disability insurance cover?
There are many insurance companies offer accident disability insurance with a great variety in coverage. You can choose coverage that protects you 24 hours a day, both on and off the job. Generally, an accident disability plan covers the following:
- Accidental death and dismemberment
- Permanent and total disability
- Accidental fracture
- Extended medical care further to an accident
- Home alteration and vehicle modification
- Workplace modification and accommodation
- Day care
- Spouse & dependent child educational benefit
- Common disaster
There are some exclusions though. You will not get monthly benefits for any period of disability that results, directly or indirectly, from, for instance, impaired driving or use of any drugs except as prescribed or directed by your physician.
The accident disability insurance benefits
- No medical examination at the time of purchase. Answer just a few basic questions to apply. You can receive injury-only coverage if you do not qualify for sickness coverage.
- 24/7 Protection.
- Affordable: Premiums start as low as $12 per month for injury-only coverage.
- Tax-free monthly benefit: Choose $500, $1,000 or $1,500 (75% of your gross monthly income is the maximum).
- Easy to apply
- Total disability benefits: Receive a monthly benefit for up to 2 years if a covered illness or injury completely prevents you from working.
- No premium payments during disability: Your premiums will be waived if you are disabled and being paid monthly benefits.
- Portable: You can keep your policy if you change jobs.
- Policy cannot be cancelled as long as you pay your premiums
- 30-Day review period: If you change your mind during this time, you will get a full refund and your policy will be cancelled.
You are eligible if you:
- are a Canadian citizen or permanent resident between the ages of 18 and 69 inclusively
- are not currently limited in terms of your movements or your daily activities due to an injury or illness
- don’t have a degenerative chronic disease or a permanent physical or intellectual impairment
Should you get accident disability insurance?
If you have a higher-risk job and dependents that rely on your regular income for housing costs, living expenses, have limited savings or investments, or have significant financial obligations, you should definitely consider accident disability insurance to protect your long term financial health, should something compromise your bodily health.
No doubts, very often we all think that it won’t happen to me. But non-emotional statistics say that 33% of workers between ages 30-64 will experience a disability greater than 90 days. And remember it’s more affordable than you may think. Coverage can be obtained for 1-3% of annual income.