Life is unpredictable, and an illness or injury can disrupt your ability to work and earn a living. Disability Insurance serves as a critical safety net, replacing a portion of your income when you’re unable to work due to a covered condition. At 705 Insurance, we’re committed to guiding you through this important decision with expertise and care, ensuring you’re equipped with the best coverage for your needs.

What is Disability Insurance?

Disability Insurance provides income replacement in the event you’re unable to work due to a disabling illness or injury. Policies typically cover a percentage of your gross income, helping you manage everyday expenses such as rent or mortgage payments, groceries, and utility bills. Coverage can be short-term, lasting a few months, or long-term, extending until retirement age, depending on your policy.

Benefits of Disability Insurance with 705 Insurance

• Income Protection: Ensure you can maintain your lifestyle and meet financial obligations, even if you’re unable to work.

• Customizable Policies: Choose from short-term or long-term plans that fit your career and financial goals.

• Expert Guidance: Our experienced brokers simplify the process and provide advice tailored to your unique situation.

• Local Focus: As a Northern Ontario brokerage, we understand the specific challenges faced by our community.

Common Questions About Disability Insurance

• How much coverage do I need? A general rule of thumb is to replace 60-70% of your gross income, though individual needs vary based on expenses and savings.

• What conditions are covered? Disability Insurance typically covers a range of physical injuries and illnesses, including chronic conditions that prevent you from performing your job duties.

• How does the waiting period work? The waiting period, or elimination period, is the time between becoming disabled and receiving benefits. Options usually range from 30 to 180 days.

Clearing Up Misconceptions

Many people assume workplace benefits are sufficient to cover income loss during a disability. However, employer-provided coverage often falls short, providing only a fraction of what you might need. Another common misconception is that Disability Insurance is unnecessary if you’re young and healthy. In reality, accidents and illnesses can happen to anyone, and early coverage ensures lower premiums and robust protection.

Real-Life Examples

• For Young Professionals: A graphic designer in their 30s experiences a severe hand injury, preventing them from working. Disability Insurance covers their income during rehabilitation, ensuring they can pay bills and focus on recovery.

• For Families: A parent who is the primary breadwinner is diagnosed with a chronic illness. Disability Insurance replaces their income, providing financial stability for their family.

• For Entrepreneurs: A small business owner suffers an injury that temporarily halts operations. Disability Insurance helps cover personal expenses while they recover.

The 705 Insurance Difference

At 705 Insurance, we’re here to help you navigate the complexities of Disability Insurance. Our brokers provide clear, straightforward guidance and personalized solutions to protect your income and secure your financial future. Don’t leave your livelihood to chance—contact us today for a tailored quote and take the first step toward peace of mind!