Disability Insurance - Grimsby

When you have a young or growing family, your income not only supports your lifestyle but your family’s needs as well. If you were to lose your income due to a disability, you may have to make drastic changes to ensure you aren’t forced into crushing debt or sacrificing your retirement. As you start your career, your income is likely at its lowest point and expected to rise over time, but you are at your highest level of potential future earnings. If you were unable to work from the age of 30 to retirement, you would lose a lot more income than if you became disabled in your last couple working years before retirement. The great part about disability insurance is that it can match your current need and also allow for flexibility for the future as your income changes. Taking the first step to review your coverage with a professional at Hometown in Grimsby will get you on the path to better understanding how you can protect yourself and your loved ones no matter what happens.

Your disability insurance needs are tied to your income, so there are many times in your life where your needs may change. Whether you receive a raise, promotion, or start a whole new career, you should be updating your disability coverage according to your new needs. Our Grimsby Hometown Life Insurance team can help you build a plan that will grow with you including a rider for a future insurability option. This allows you to increase your coverage when your income grows, without having to undergo any medical underwriting. What sets individual disability coverage apart from group coverage, is that it stays with you, even if you leave your job for another opportunity or to start your own business. Disability insurance protects your ability to retire one day, so if you don’t want to gamble with your retirement, contact our Hometown team in Grimsby to get started.

Calculating the premiums on a disability insurance policy is based on the individual risk you pose to the insurance company. Your application will include the factors that are considered such as coverage term (from 24 months to coverage until age 65), waiting period (the number of days after becoming disabled before you receive a payment – this is selected by you) and any other common details for insurance like gender, age, smoking status, health, medical history, lifestyle and any riders on the policy. In order to ensure there is incentive to return to work, you won’t be covered for the entire income you earn while working. Most policies will cover you for somewhere between 80-90% of your after-tax working income.

If you become disabled and have to make a claim on your policy, contact our Grimsby Hometown Life Insurance team to get started. We will gather the necessary information and submit it to the insurance company to process. When your case has been reviewed, and you have reached the required waiting period, your monthly benefits will start. Dealing with the loss of an income and a disability all at once can be stressful and difficult to manage, but we are here to make the process as simple for you and your family as we possibly can.

There is no cost to you to get a disability insurance quote or apply for a policy. Even if you are required to complete additional medical underwriting requirements, all costs are covered for you. As the policy owner, the only cost to you is the monthly premiums to start and maintain your policy.

Your disability insurance policy is underwritten based on the determined risk you pose to the insurance company according to their underwriting department. Information gathered in the application such as your health, occupation, medical, lifestyle, and income, give the underwriting team an understanding of the likelihood of you becoming disabled. Because there are so many possible causes of disability, it is common for the underwriting process to take longer than life or critical illness insurance. Don’t worry though, the length of time to underwrite doesn’t mean it will affect your approval, or even your premiums.

Your disability insurance coverage can be customized to meet your individual needs by adding “riders” to your policy. It is very common for disability policies to carry multiple riders, including regular or own occupation, partial or residual coverage, cost of living adjustment, future insurability option, return of premium, etc. You can learn more about the various riders, and other general details, in our FAQ section on our disability insurance pages. Our team of dedicated customer service professionals at Hometown in Grimsby will help you understand your various disability insurance options, so you can provide security for yourself and your loved ones.