Last week, we had an in-depth look at the different definitions of total disability and how it affects your claim and the price of a disability policy. But not all injuries or illnesses result in total disability. Sometimes, your ability to perform the duties of your occupation may only be partially hindered. You may not be able to perform some of the tasks, or may only be able to do them for a shorter duration. You may even suffer a loss of income because of your partial disability. Does that mean your disability insurance policy won't pay you any benefits? It depends on the partial disability clause in your policy.
The best reads in personal finance, investments and insurance from the week of April 11-April 17, 2015.
Unlike the relatively straightforward process of qualifying for the death benefit with life insurance, qualification for disability benefits can be difficult to understand. In order to receive benefits from a disability insurance policy, you must meet the definition of disability as outlined in the contract. But what is the definition, how does it affect premiums, and does it vary from one insurance company to another?
The best reads in personal finance, investments and insurance from the week of April 4-April 10, 2015.
Have you ever wondered about your potential earnings over your lifetime? You may be surprised to learn that most of you have potential earnings of over a million dollars. Depending on your income, some of you may have earned multiples of millions of dollars by the time you reach age 65.
The best reads in personal finance, investments and insurance from the week of March 28-April 3, 2015.
If you have group disability insurance through your employer, there will be times when coverage is inadequate. Employers often limit the coverage to control the cost. While many people depend entirely on their employers for disability benefits, they may find that when it comes time to claim, their group disability insurance does not provide sufficient benefits.
The best reads in personal finance, investments and insurance from the week of March 21-March 27, 2015.
Last week, we explained the features of group disability insurance in detail. It is used in conjunction with government programs such as EI or WCB to provide financial support during disabilities. Due to limitations in benefits, there are times when it does not provide sufficient coverage. Let's go over some of the limitations of group disability insurance and how they may affect you.
The best reads in personal finance, investments and insurance from the week of March 14-March 20, 2015.