Can you claim for benefits if you have a partial disability?

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.

What is the definition of a disability?

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?

How much can you earn in your lifetime?

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.

Limitations of group disability insurance

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.