There are many different options for insurance and no medical disability insurance is one of them. What is this and why do you need it?
No medical disability insurance protects your income if you become disabled to the point where you cannot pay your expenses. As pointed out by the Canadian Life and Health Insurance Association Inc. (CLHIA), “Most people recognize the need for life insurance, but many do not understand the need for disability insurance. The fact is, when you are disabled because of an illness or injury, your income stops – but your bills don’t.”
Another thing people do not realize about no medical disability insurance is that it can cover you for a temporary disability, in addition to a long-term or permanent disability. The word “disability” covers a wide range potential situations.
- If you paint houses for a living and break your arm, you cannot paint and are therefore disabled until you can return to work.
- If you are receiving medical treatment for a serious illness and the effects make it unsafe for you to do your job, this may be covered by your no medical disability insurance policy.
- Even some mental health disorders are covered if they are severe enough to affect your ability to earn income, such as a depressive episode following a traumatic event.
No medical disability insurance is not just for a permanent disability, such as losing a limb. It is designed to protect your income from any unexpected disability.
Now, you may be thinking, I already have life insurance, car insurance, mortgage insurance, critical illness insurance, and insurance to pay for my final expenses when I pass away. Now I need disability insurance as well? What is the chance that I will become disabled? I think I will sit this one out.
First of all, before they hit the age of 65, one in three Canadians will experience some type of disability that lasts for an average of three months. Second of all, no medical disability insurance is affordable and can be obtained through several different cost-saving ways. These ways include:
- Individual Policies: There are several types of individual plans that carry different premiums and benefits. Discuss these with your insurance agent to find the best fit for you. CLHIA notes, “The longer your waiting period before benefits begin after you become disabled, the lower the premiums you pay. Discuss with your insurance agent the pros and cons of waiting 180 days for your benefits instead of 30 or even 90 days. You could consider using the money you save to buy other options such as cost-of-living or inflation protection increase, or to extend the length of time you are covered for benefits.”
- Group Coverage: You may already be covered if your place of employment has invested in a group plan. If so, check your policy to see what levels of coverage your group plan offers and don’t forget to arrange for coverage after you leave your job.
- Association Plans: If you don’t have an individual or group plan, look into the benefits of an association plan. You may qualify through associations such as alumni groups, Chamber of Commerce, or even trade associations. This is a great option for self-employed individuals.
Like all insurance policies that offer coverage without a medical exam, no medical disability insurance is offered through many carriers without the need to visit a doctor to verify your medical history. While there may be some medical questions you must answer to determine your type of policy, no medical disability insurance exists to make it easy and convenient for Canadians to obtain the insurance they need.
It is always best to tailor any type of insurance policy to your unique needs and since there are many options for coverage that affect the premiums and benefits, it is best to talk with a professional. Here at No Medical Life Insurance.ca, we work with the best carriers in the industry. We specialize in “no medical” life insurance quotes and offer the added convenience of getting a no-obligation quote online. We can answer all your questions about no medical disability insurance and help you find the affordable policy that is right for you.
Disability insurance is an important part of your coverage. Contact us today to have peace of mind tomorrow.