Ayodeji Adeyemo, Gold Legacy Earner
Assurance Financial Group Inc. has recognized Ayodeji Adeyemo as a Gold Legacy Earner, deserving of
As the name implies, Short-term Disability Insurance is just that: short-term in nature. They have a very short waiting period that may be as little as a day or a week to two weeks before benefits commence and will last for just 16 or 17 weeks. Alternatively, you could save three to six months in cash reserves to pay expenditures, and create your own Short-term Disability emergency fund! If you are sick or hurt and have to miss a few weeks of work, this emergency fund would help your short-term income disruption until you get well enough to return to work.
Short-term and Long-term Disability Insurance are the two primary types of Disability Insurance. During incapacity, both programs replace a percentage of your monthly basic pay up to a maximum of ⅔ of your income. After being on claim for a longer-term, some carriers will pay for extra services, like training to go back into the workforce. A plan that no one should be without is a Long-term Disability policy (LTD). The phrase “long-term” refers to the benefit period of two years, five years or to age 65. In addition, some carriers will provide coverage and pay Tax-Free disability benefits past the age of 65. In the event that you take out your own insurance, coverage will follow you from one employer to the next. As the name implies, Long-term Disability Insurance is just that: long-term in nature. They have a longer waiting period that may be 30 days, 60 days, 90 days, 120 days or even longer, before benefits commence and will last for at least 2 years, 5 years, to age 65 or longer. Looking at the figures, Long-term Disability Insurance is a necessary benefit for your financial future. If you want to protect yourself against long-term income loss, we recommend purchasing coverage for at least 5 years or longer.
Many Canadians received benefits from various Covid-19 income benefits like CERB. Where would families be financially if the government hadn’t stepped in with company loans and income subsidization plans during the Covid lockdowns. We all know many friends and relatives that received these benefits. Maybe you received Covid benefits yourself. Disability benefits work the same way. In the unfortunate event that you lose your job due to accident or sickness you can make a claim and receive benefits.
For clients who own a business, effective budgeting, marketing, and risk mitigation are of utmost importance. The replacement of an owner or key personnel can lead to significant challenges for the business. It becomes even more difficult for a business to bear the cost of paying the key employees’ salary while simultaneously experiencing a decline in revenue. The absence of their valuable contributions can strain both the business operations and banking relationships.
In such situations, a disability policy serves as a vital risk management tool for small business owners and self-employed individuals. This type of insurance helps protect the business by providing financial support in the event of a temporary or permanent disability affecting the owner or a crucial team member. With a disability policy in place, businesses can maintain stability, safeguard their financial interests, and ensure continuity during challenging times.
For both Short-term and Long-term Disability Insurance, rates can vary depending on the kind of policy, elimination period, length of benefit, insured age and status of health. A non-cancellable Disability Insurance plan, as the name implies, cannot be cancelled by the insurance provider, no matter if your health changes.
Our associates understand the importance of the disability benefit and want our clients to have the best Disability Insurance policy in any accident or illness situation. Working with our professionals, we guarantee the right Disability Insurance benefits with the lowest quotes from different insurance companies.
Yes, for example, Short-term Disability Insurance can be purchased privately rather than via your employer under group coverage. Individual Disability Insurance is also a good option for those who do not have access to disability coverage through their employer and it is a viable choice for middle to high income earners looking for additional Tax-Free benefits. Make contact with a life insurance broker or an independent agency like Assurance Financial Group to find out more.
There are different kinds of benefits of a Disability Insurance policy. Most commonly they are benefits based on income regardless of whether you are employed or self-employed. This disability coverage type requires a certain number of working hours. There is also another type of insurance which doesn’t depend on income. These benefits can be part of a life insurance policy that provides coverage for debt payment, mortgage or total credit card payments. A life insurance policy may have disability riders that can be purchased from the insurance company as options to add this coverage at the time of application.
Disability Insurance coverage doesn’t need to be pricey, and if you become ill or disabled and unable to work, it may end up being a lifeline of revenue. This protects the policyholder while they recover and require an income to pay their bills. When you’re healthy, the cost of Disability Insurance is an expense. When you’re disabled and suffering from an illness or injury, the cost of Disability Insurance is the best investment you ever made! Disability benefits pay out if small business owners are unable to work, regardless of whether or not the illness or accident was sustained during the job. In this situation, it functions as income replacement which is collected as monthly income. Disability benefits are received tax-free.
If you’re living with a disability in Canada, you may be wondering if your disability insurance is taxable. The good news is that a tax-free monthly benefit is available to those accepted for disability insurance coverage. This benefit helps to replace lost income due to a disability and is not subject to income tax. It’s important to note that the Canada Pension Plan (CPP) disability benefit is NOT a tax-free benefit. Another option available to those with disability insurance is the future income option, which allows the insured to increase their benefit coverage without having to requalify medically. Another option available is COLA, which increases the monthly benefits to keep up with inflation. It’s important to keep in mind that there may be a waiting period before you receive your benefits, so it’s always best to plan and have a backup plan in place. Overall, buying disability insurance can provide peace of mind and financial stability during a challenging time.
Assurance Financial Group Inc. has recognized Ayodeji Adeyemo as a Gold Legacy Earner, deserving of
Assurance Financial Group Inc. is thrilled to announce that Rayon and Paulette Whyte have achieved
Assurance Financial Group Inc. is excited to announce that Adeola Abiodun has achieved Platinum Legacy
Assurance Brokers Canada Founded in the year 2020 and based in Toronto, with associates spread across Canada and the USA, our mission is to build financial foundations for families, empowering them today and leaving a legacy for tomorrow.
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