DISABILITY INSURANCE VS. CRITICAL ILLNESS INSURANCE
DIFFERENCES BETWEEN THESE COVERAGE OPTIONS
Disability and critical illness insurance are similar but not the same. The two forms of insurance work to protect individuals who become unable to perform their job, but for different reasons and in different ways. To fully understand the ways these insurance policies can work for you contact Puhl employee Benefits. Our team can help you make the right insurance claim to keep your financials secure while you focus on healing.
Disability insurance and critical illness insurance are both very beneficial forms of personal insurance & protection. When you are unable to perform your job and other tasks you will not be able to work for a certain duration of time, these insurance policies can be ideal for keeping you and your family financially secure during your healing. There are some key differences between the two forms of insurance.
For all your group or individual critical illness & disability insurance question or needs contact Puhl Employee Benefits! We have decades of experience helping clients across Canada with their critical illness and disability coverage. We can help you make the right claims for your situation and help you get the most from your policy. Schedule a disability or critical illness consultation today!
- Disability insurance can keep you financially secure when you aren’t able to perform a job task.
- Several forms of occupational accidents, mental health issues, choric pains and other issues can qualify as a workplace disability.
- Disability coverage provides monthly compensation amounts to keep you financially safe while you recover. Compensation amounts are either based on specified dollar amount or percentages of your monthly salary. Compensation specifics will be directly outlined in the disability insurance policy contract.
- Disability insurance can be claimed as short-term (9-52 weeks) and as long-term disability (2-5 years).
- Disability insurance is ideal for protecting your current financials and long-term retirement plans.
- Even f you currently belong to a group disability insurance policy; you can purchase individual disability insurance to better suit your recovery and financial needs.
- Critical illnesses insurance provides you with the financials to cover your recovery costs and list income while you are unable to work.
- Critical illness insurance claims can only qualify with a diagnosed illness.
- Critical illness compensation comes in the form of a tax-free lump sum. This money can be used however you see fit to pay for medical recovery costs and t live while not working. The amount of this compensation will be outlined in the critical illness policy contract.
- Critical illness insurance claims last until your illness stops affecting your life.
- Critical illness insurance is ideal for protection your short and long term financial situations and plans, as well as helping you focus on your recovery and to not be burdened by the respective costs.
- For added coverage, you can still apply for individual critical illness insurance if you already belong to a group policy.