Protecting your livelihood with products such as mortgage life insurance and disability coverage can mean the difference between maintaining your standard of life or being forced to make drastic cuts in your spending after being hit by a life-changing injury.
Your ability to earn an income is your single greatest insurable need. Being prepared for the worst-case scenario and having adequate protection in place is key to ensuring your family won’t suffer any financial instability or decrease in their quality of life, should anything happen to you.
Some of the benefits of mortgage life insurance include:
- It’s affordable
- It’s easy to qualify
- It provides a financial security net for your family in case something happens to you
- It protects your family home
Affordable Mortgage Life Insurance in Calgary
At 20/20, we understand how important family is. That’s why we offer affordable and flexible mortgage life insurance, disability coverage, and critical illness insurance, to help you protect your loved ones no matter what unexpected circumstances life throws your way.
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Mortgage Life Insurance Coverage
What You Need to Know About Disability Insurance
From the moment they are expecting a child, many parents will rush to take out a life insurance should the worst happen. But disability insurance, regardless of how important it is, tends to be forgotten.
DID YOU KNOW: The chances of someone young experiencing a job-impeding injury or illness is a lot higher than the risk of dying before retirement age?
It’s important to shake off the perception that disability insurance is only for older people, or for those who work in dangerous careers. In reality, anybody whose family depends on their income should have coverage.
4 Things to Consider When Choosing Disability Insurance
With so many different policy options out there, it can be hard to tell what is necessary and what isn’t when it comes to disability insurance. To aid in the process, here are 5 things to consider when choosing a policy:
1. Understand Disability Insurance Terminology
Disability insurance is different from other insurances because what qualifies as a claim is more complicated. Typically, there are 3 definitions used in disability contracts that directly impacts your ability to collect your benefits:
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Any Occupation: This means that you aren’t able to work at ANY type of occupation. So if you’re a construction worker and you can’t work doing that anymore because of your disability but you can still work in another type of job, you won’t qualify.
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Regular Occupation: This kind of total disability means that you can’t work at your current occupation because of injury or illness.
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Own Occupation: This kind of disability coverage has the highest premium, but it’s worth it because total disability is defined as not being able to work at your ‘own occupation’ and it doesn’t matter if you can work at any other job.
2. Apply When You’re Healthy
One of the best things you can do is buy disability insurance before you need it - when you’re healthy. Many policies require medical underwriting which may include a review of your medical records, blood tests, and a physical.
3. What Adjustments are Included?
Before purchasing disability insurance, make sure to ask what adjustments are included in your policy. You may want to even pay for riders that can make positive changes to your policy.
Some of the questions to ask include:
- Does the benefit package include cost-of-living adjustments?
- Can you increase your coverage if your salary increases?
- Is there an option to add a rider to include benefits through retirement?
Discuss all these options and questions with your insurance agent and consider the cost/benefit options before committing to any riders or policies.
4. Coverage Changes
Many policies can be changed by the insurance company at any time over the course of your coverage. This gives insurers the freedom to raise your rates whenever they want, despite whether your policy is up for renewal or not.
Likewise, insurance companies could change the terms of your coverage without letting you renew, making it crucial to understand when and how changes can be made to your insurance.
Call Today
To find out more about our mortgage life disability coverage, or to discuss your needs with one of our licensed agents, contact us at 1-844-974-2020 or fill in our online contact form.
