Can You Get Individual Short Term Disability Insurance?

Disability insurance is very important for Canadians. As a Canadian worker, you have to worry about getting injured at home and getting sick. You just never know what is going to happen. Thankfully, you can take steps to protect yourself from potential problems. For instance, you should think about acquiring insurance since it’ll provide you with immense protection. One of the best types of insurance is short-term disability insurance. You may already have a policy from your employer but it might not be enough. Below, you’ll learn more about getting an individual short-term disability insurance.


Two Options

As someone who is looking for short-term disability insurance, you’ll have two options. You can choose to get insurance from your employer. Or, you can get an individual plan by purchasing it directly from the insurance company. Instead of getting insurance from your employer, you might be able to get it from an association too. Either way, you’re either working in a group or gong at it alone. Both have benefits. In a group, you’ll be able to save money. Your employer has more leverage because they’re employing multiple people.

The only downside is that your employer maintains control over your policy. You won’t be able to adjust the policy to suit your needs and you might not get enough coverage. This is why you should buy your own policy. With an individual short-term disability insurance policy, you’ll be able to get exactly what you need and pay what you can afford.


Eligibility Requirements

Furthermore, you’ll need to learn more about the eligibility requirements for short-term disability insurance. Just remember that the requirements are going to vary from one location to another and one company to another. So, you’ll need to check with your agent to find out what your requirements are. Either way, you may be required to work for a certain period. In some areas, you have to work for 30 days or six months before you can get coverage. In some locations, you may have to earn a certain amount.

Most disability insurance plans have a waiting or elimination period. You won’t receive benefits until this time has elapsed. If you’re buying a plan, you will be able to adjust the elimination period to make it shorter. The only downside of doing that is that a shorter elimination period will lead to higher premiums. Still, it might be worth it depending on your situation.

Also, you have to understand that the illness or injury cannot be work related. Workers’ compensation insurance protects Canadians who are injured on the job. Disability insurance protects Canadians who are injured at home.


Prepare For The Application

You can get short-term disability insurance. Whether you’re self-employed or your boss doesn’t offer this insurance, you can get it on your own. However, you’ll need to submit an application and provide the insurance company with information about your health. So, the application process can be extensive. First and foremost, you’ll want to begin by filling out the application forms completely. Make sure that you are being accurate and thorough. If you make any mistakes on these forms, it may delay you from getting coverage.

You’ll also need to consult with your doctor or medical specialist. They’ll need to submit certain paperwork and give your clinical records to the insurance company. This information will be used by the insurer to adjudicate your claim. You must provide the insurance company with your birth certificate, government-issued password, or driver’s license. This ensures that they’ll be able to verify your identity.

In some cases, you’ll need your SIN number, bank account information, mailing address, and employer’s information.


When To Apply

Now that you’ve learned that you’ll be able to obtain a disability insurance policy, you should not delay. It is best to get covered as soon as possible. If you get sick and try to apply, you will not be covered. You might get insurance for any existing illnesses will be excluded. So, you need to get insurance before getting sick. So, you should begin applying for disability insurance right now.


Customized Disability Plan

When companies offer their employees opportunities to opt-in or opt-out of their disability plans, they generally offer both short- and long-term coverage. Why is this so important? Well, it can determine whether or not you are covered for the entirety of your disability. This is especially true for workers who are young and declared permanently disabled. 

Insured workers who are covered under both short- and long-term disability insurance policies are very fortunate because they will most likely have a longer overall coverage period. The disability benefits coverage period varies from one company to another. One company may offer a higher quality disability plan that will include an extended coverage period. 

Workers cannot really complain about their employer-sponsored disability insurance. In this case, low-quality coverage is much better than having no coverage. Part- and full-time workers who do not have access to an employer-sponsored disability plan should turn to the experts. ProfessionalsCoverage knows the ins and outs of disability insurance. An agent can help you with the customization of a private disability policy that will consist of both short- and long-term disability.


Is Private Disability Better Than Employer-Sponsored?

This comes down to the employer. The most profitable Canadian companies, such as Suncor Energy, the Bank of Montreal, Brookfield Asset Management, Magna International, and the Power Corporation of Canada, oftentimes have high-quality employee disability plans. These plans will offer both short- and long-term policies with extended coverage periods. It can be difficult for private insurers to beat these plans without driving up the premiums to where they are no longer affordable for average workers.

If you believe your employer-sponsored disability plan is inadequate, you do have options. Workers who do not have access to such plans also have options. These options are private disability insurance plans, which are affordable for part- and full-time workers under the age of 60.

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