As a Canadian worker, you always have to worry about your health and safety. Things might be great right now but that could change rapidly. In the blink of an eye, you could twist your back before collapsing to the ground in agony. If you have insured, you’ll be covered. Most Canadian employers offer workers’ compensation insurance and that will help. But, what happens if you’ve been injured at home? The workers’ compensation insurance won’t help. Disability insurance will, but you’ll need a good policy.
Below, you’ll learn more about buying a personal short-term disability insurance policy.
What Is Short-Term Disability Insurance?
While disability insurance and workers’ compensation insurance are often compared, they’re much different. Workers’ comp helps protect Canadian consumers when they’re injured at work. If you get hurt on the job, your company’s workers’ compensation insurance will cover the costs. If you’re injured at home you’ll be left without assistance unless you have disability insurance.
With disability insurance, you have two options. You can buy long-term or short-term disability insurance. You should be able to figure out how they’re different by reading the names. Long-term offers protection for longer while short-term offers a few months of protection. Canadians would be wise to have a combination of short and long-term disability insurance. This is the best way to protect yourself for the short and long term.
How To Get Short-Term Disability Insurance
As a Canadian, you’ll want to get disability insurance as soon as possible since you never know what is going to happen. Thankfully, you’ll have two options at your disposal. Are you currently employed by a company in Canada? If so, there is a chance that this company is going to offer short-term disability insurance and it’ll likely pay the premiums. While this is great for most, you have to remember that a lot of Canadian citizens are self-employed. Others may not receive short-term disability insurance from their employers.
If you fit into one of these categories, you’ll want to buy a personal policy. It may be a little more expensive but it’ll be worth it. Once you’ve been approved for short-term disability insurance, you can pay the premiums and get coverage immediately. Working with an insurance broker is one of the best ways to sign up.
What Are The Costs Of Short-Term Disability Insurance?
You can buy your own short-term disability insurance policy. Before you can do that, you’ll have to learn more about the potential costs. After all, you’re working with a limited budget and cannot spend freely. Thankfully, you’ll find that you can adjust the price by changing aspects of your short-term disability insurance policy. For instance, you always have the option of changing the insurance policy’s elimination period. If you make it longer, you can decrease the premiums. Make it shorter and you’ll have to pay more for premiums.
Furthermore, you should understand that the premiums are going to vary depending on your age, location, and health. If you’re younger and healthier, you’ll likely pay lower premiums. To find out how much you’re going to pay, you should contact an insurance broker and ask for quotes. This is the best way to find out how much you’re going to end up paying.
Benefits Of A Personal Short-Term Disability Insurance Plan
While you can buy a short-term disability insurance policy, you may not see the purpose. Should you? This is a question that many people are asking. Should you think about buying a disability insurance policy? Well, there are numerous benefits so you should consider it. With a short-term disability insurance policy, you’ll be able to sleep soundly knowing you’re protected. Your workers’ compensation will keep you safe at work. Your disability insurance plan will protect you at home and elsewhere. Furthermore, a short-term disability insurance plan can be good for people on the verge of retiring.
If you’re worried about getting sick or injured while at home or on the road, you need short-term disability insurance. It isn’t cheap but it’ll be worth it.
How To Get Short-Term Disability Insurance
If you’re not getting short-term disability from your employer, you’ll want to sign up for an individual plan. This is a good option since you’ll have more control over the plan and premiums. Getting short-term disability isn’t too difficult. However, you’ll need to start by finding an excellent insurer. Working with a good broker can help too. ProfessionalsCoverage can help Canadians find the right insurer for them and their family. If you’re struggling to find a good insurer, you should start here.
After that, you can start looking for quotes. It is pertinent to ask for quotes so you can find the cheapest insurance possible. Just remember that you still need sufficient coverage. While you’ll want an affordable policy, you should still get enough coverage. Working with a professional is a good way to ensure that you’re protected to the fullest.
Can You Get Short-Term Disability with Pre-Existing Conditions?
Short-term disability is much different than other types of insurance. You will have a tougher time getting insurance if you have a pre-existing condition. This is the case for health and life insurance. You can still get insurance but it’ll be tougher. With short-term disability insurance, it shouldn’t be too hard. Most companies are willing to work with Canadians who have pre-existing conditions. And, it normally won’t increase your premiums too much. However, you should know that pre-existing conditions will have an impact on your policy. Insurers will learn about your pre-existing conditions and exclude them from your insurance policy.
This means that you can get insurance but your pre-existing conditions will not be covered. Still, it is a good idea to obtain insurance so you don’t have to exhaust your savings when you get sick.
When Should You Buy Short-Term Disability Insurance?
As a Canadian resident, you have the option of buying short-term disability insurance. And, you don’t have to get the insurance from your employer. You can sign up for a plan on your own. So, when should you sign up for insurance? Should you wait until you get older or start early? Ultimately, it is a good idea to get insured as soon as possible. If you experience a medical emergency, you may have to stay at home and recover. If you’re not insured, you’re not going to be covered. You cannot get the insurance after you’re sick. It won’t cover your pre-existing conditions.
You may be able to use your short-term disability insurance during your pregnancy. Again, make sure that you get insured soon or you won’t be able to use it for that purpose. If you’re already pregnant, the insurance won’t cover complications associated with your pregnancy.
Types of Disability Insurance we offer
- Long-Term Disability Insurance (LTD)
- Short-Term Disability Insurance
- Key Person Disability Insurance
- Self Employed Disability Insurance
- Mortgage Disability Insurance
- Temporary Disability Insurance
- Supplemental Disability Insurance
Other Disability Insurance Resources that you can read
- Are Canadian Disability Insurance Premiums Tax-Deductible?
- Will My Long-Term Disability Income Be Taxable?
- Dealing With Elimination Periods For Short And Long-Term Disability Insurance
- Pregnancy And Disability Insurance
- Who Pays For Disability Insurance?
- Why Employers Offer Disability Insurance
- Maternity Leave And Disability Insurance Benefits
- How Long Do Long-Term Disability Benefits Pay?
- How Much Does Long-Term Disability Insurance Cost?
- Is Disability Insurance Worth It?
- How Much Disability Insurance Should I Get?
- What Does Disability Insurance Cover?
- What To Look For In Disability Insurance?
- Do I Need Disability Insurance After I Retire?
- Does Disability Insurance Cover Pre-Existing Conditions?
- How Does Disability Insurance Work?
- How Long Does Long Term Disability Insurance Pay?
- Is Wage Loss Insurance The Same As Short Term Disability?
- When Does Long Term Disability Insurance Start?
- Can You Buy Your Own Short Term Disability Insurance?
- Can You Get Disability Insurance If You Are Unemployed?
- Can I Buy My Own Short-Term Disability Insurance?
- Can You Get Individual Short Term Disability Insurance?
- Are Credit Cardholders Insured By Disability Insurance Plans?