Disability Insurance
Your livelihood hinges on your income, making the prospect of disability due to injury or illness during your prime working years a significant concern. Have you contemplated how you would sustain your lifestyle if such an event were to occur?
While it’s unpleasant to consider the possibility of illness or injury, it’s essential not to overlook the potential impact. Disability Insurance presents a straightforward and cost-effective solution to ensure income continuity in the event of disability preventing you from working.
Income Protection, also referred to as Disability Insurance or Loss of Income benefit, offers financial stability in the event of an accident that impedes your ability to work and earn.
A Loss of Income Benefit provides a portion of your income should you experience disability due to injury or illness, rendering you unable to work and earn. With varying Elimination Periods (EP) – the duration before benefits commence – and Benefit Periods (BP) – the duration benefits are payable – you have the flexibility to select the plan that aligns best with your requirements.
Types Of Disability Insurance
At Taaj Insurance, we offer three types of individual plans tailored to meet your needs:
- Non Cancellable (Non-Can): Under this plan, your insurance cannot be cancelled by the Insurance Company, and premiums remain stable over time. It provides a high level of stability, ensuring peace of mind for policyholders.
- Guaranteed Renewable (GR): With this option, your insurance cannot be cancelled by the Insurance Company. While premiums may be subject to increases, they are only adjusted on a Class basis, taking into account factors such as Occupation, Province, and Plan type. This plan offers both financial and medical underwriting at the time of application.
- Conditionally Renewable (CR): Under this plan, premiums may be adjusted, and the policy could be cancelled, but only on a Class basis, considering factors such as Occupation, Province, and Plan Type. Individual policies are not singled out for cancellation. CR plans come with standard Exclusions and Limitations built-in, making them easier to qualify for.
At Taaj Insurance, we understand the diverse needs of our clients, which is why we offer both Earned Income and Gross Revenue choices to determine the Benefit that best suits each individual’s circumstances. This flexibility makes our plans ideal for a variety of individuals, including:
- Self-employed individuals
- Small business owners
- Individuals hired on contract
- Employees with group benefits
- Group, Association, and Affinity markets.