A disability causing a loss of your income can have a dramatic effect on you and your family. Suddenly, paying your monthly bills, servicing your debt, saving for your future retirement and children’s education costs can become impossible. Our Hometown Life Insurance team provides the people of Niagara with educational resources, advice, and a simple process to get covered. Alone, disability insurance can be confusing or overwhelming, but we are here to help clarify and answer your questions. Get started today by contacting our team to let us know how we can help.
Compared to other insurances, disability insurance tends to be a little bit more complicated. Luckily for you, our team at Hometown has the expertise to make sense of your options so you can make informed decisions to protect you and your family. We approach your coverage with the attention to detail and embrace the fact that each client’s needs are unique. Providing each of our clients with high quality service and a tailored plan doesn’t go unnoticed, and we think you will see the Hometown difference too! As one of our valued clients, we want to hear your feedback, so we can continue to elevate the experience for you, and all of our other customers!
Hometown and our team of licensed professionals are experienced and dedicated to providing our neighbours, throughout Niagara, with the right coverage, at the right price, to protect their families and businesses. We can review any group coverage, before recommending any additional individual coverage, to ensure you are properly protected, but not overinsured. You can find more information on our disability insurance pages, or by contacting our Hometown Life Insurance team.
Many young families find out they don’t have enough disability coverage when it is too late. If you lost your income due to a disability, it may force you and your family to make drastic changes to your lifestyle, just to make ends meet. Without proper coverage, you may be forced to drain your savings or take on mountains of debt. Even in the early stages of your career, while your income is still relatively low, it is important to have proper income protection that will grow with you. Our Hometown team has provided many Niagara residents with valuable advice and customized solutions to meet their evolving needs. Don’t gamble with your retirement or family’s future, contact our Hometown team to get started!
Throughout your career, your income will change many times, as will the ways you are using your income. A raise, promotion, new job, or even starting your own business, all signal changes to your income. An individual policy allows you the flexibility to pursue opportunities, without relying on group coverage alone. When your income grows, you can increase your coverage using a future insurability option rider. An increase in coverage doesn’t even require medical underwriting when using this rider! Disability insurance ensures you stay on track for retirement and your future goals, no matter what may come your way.
If you earn an income, you should have some level of disability insurance for you and your family. A disability caused by an injury or illness can be a burden on your finances in the short and long-term. You may be forced to take on debt or withdraw from your savings, which will only compound the problem. If you recover and eventually return to work, it would be difficult to get coverage for a future disability due to your history. Our valued clients throughout Niagara appreciate Hometown Life Insurance’s personalized approach and valuable advice, so contact us to see for yourself if we can help you too!
Your disability insurance premiums will never change as long as you keep your same level of coverage. If you decide to increase your coverage amount using the future insurability option, your premium would be increased, and be locked in at that new amount until the expiration of the policy or any future increases in coverage.
When you apply for disability insurance, you will share the details about the coverage amount, term, waiting period and any riders. The maximum coverage you can replace with a disability insurance policy is commonly 80-90% of your after-tax, working income, so that there is incentive to return to work. You will also provide some personal details such as age, gender, smoking status, health, medical history and lifestyle. The underwriting team of the insurance company will assess your situation and determine the risk you pose. Your best monthly premium rate will then be presented to you with your approved application for your final review and implementation.
Hometown Life Insurance looks after our clients. When it comes time to make a claim, rest assured we are right here to support you. We will gather the required information to submit the claim on your behalf, and correspond with the insurance company where possible. Losing your income due to a disability can be a stressful time, so we want to make the process as quick and easy as possible, so you can focus on your recovery.
No, there is no cost to you to get a quote, apply for coverage, or even any other medical underwriting requests that may be required for your critical illness insurance policy. You only pay for your monthly insurance premiums once your policy has been approved.
Yes. You can cancel your disability insurance policy any time at no cost. This is convenient when you no longer require your coverage, but you should consider the implications before making the decision. If you are still working, you are leaving yourself at risk of losing your income due to disability. Once you have a disability, it can also become more difficult to get coverage in the future if you ever wanted to reapply. A policy with a “Return of Premium” rider may pay out a portion of the premiums paid – as long as the required qualifying period has been met. Our team of licensed professionals at Hometown Life Insurance in Niagara are here to help you understand your options, and existing policy, so you can make an informed decision.
Underwriting a disability policy typically takes longer than other insurances like life insurance. With many pre-existing conditions to consider, and possible causes of a disability, the underwriter must take the necessary time to assess the risk. Don’t worry though, the length of time to complete the underwriting has no affect or indication on the final results. Your policy may be approved as applied for with no increased rating or exclusions.
Most disability policies have “riders” added to them to enhance the coverage. There are so many options to provide customization and flexibility to adjust your coverage as you require. Some of the most common riders include: regular or own occupation, partial or residual coverage, cost of living adjustment, future insurability option, return of premium and more. You can find more information about the riders and generalities of disability insurance in our FAQ’s section of our disability insurance pages. We are proud to serve the Niagara Region and the surrounding areas, and we want to work with you to ensure you and your family are taken care of!