Long Term Disability Insurance
Everyone knows that life can change in an instant; while some survive a dangerous accident, their quality of life may change.
No one deserves to suffer a life-changing accident only for their lives to never be the same again. While cuts, bruises, and broken bones heal, the real fallout of severe accidents is in the long-term impairments that victims have to live with, such as loss of limbs, sensory impairments, and other conditions that may even require round-the-clock, specialized care.
About Long-Term Disability Insurance
While medical bills may be paid for through provincial insurance, it’s the aftermath that survivors must live with.
Long-term disability insurance protects your professional income.
A long-term disability resulting from a major accident may render you unable to work. Unfortunately, daily expenses and monthly bills still continue to pile up, putting you and your loved ones at huge financial risk without the right income replacement support. Long-term disability insurance prevents that from happening, ensuring that your family can access necessary financial resources, even if you stop working due to the injury.
Invest in Your Safety: Why You Need Your Own Long-Term Disability Insurance
Oegema Nicholson provides Canadians with a suitable income replacement plan in the form of an affordable and easily accessible long-term disability insurance policy.
We encourage clients to invest in their future — one that is guaranteed with necessary financial resources despite losing the ability to work as a result of major trauma. Most of all, we believe that every Canadian worker should have this added, guaranteed protection in place — even with government and employment disability benefits.
Long-Term Disability Insurance vs. Government Benefit
It’s true — the Canadian government provides disability benefits in the form of the Canada Pension Plan (Quebec Pension Plan for the province of Quebec), but this coverage is hardly enough:
- Scarcely provides for basic needs: the average monthly CPP disability benefit is only approximately $900, with a maximum of a little over $1200 — not enough for housing and substantial monthly expenses.
- Strict requirements: injured workers who qualify for CPP disability benefit must sustain a severe and prolonged disability that makes them unfit for any occupation at all, putting those suffering less severe impairments at risk of having no income at all.
Long-Term Disability Insurance vs. Employment Benefits
Just like the CPP disability coverage, your employment benefits may not also be enough; even if it is and matches your current salary, coverage ends when your employment contract also ceases.
As well, not all employers provide a full suite of long-term disability coverage. Most employer-sponsored disability plans only cover accidents on the job, leaving you wide open for complete loss of income when the accident is personal.
This coverage is often limited to your company’s definition of a disability, as well as available return to work services — that’s if the injury or illness can be cured or managed.
What Does My Long-term Disability Insurance Cover?
Oegema Nicholson is committed to providing the Canadian worker with an affordable and comprehensive long-term disability insurance coverage.
Whether you are self-employed or have an employer-sponsored disability benefits package, the added protection of our long-term disability insurance ensures that your family’s financial needs will be met in the face of a devastating, life-altering accident.
Your Long-term Disability Insurance Plan from Oegema Nicholson Covers:
- Benefit amount: your monthly disability benefit will be tailored according to your financial needs and custom-tailored premiums, balanced against your net income prior to the accident.
- Benefit period: disability benefits are payable until the age of retirement — or the time that you were supposed to earn an income — usually marked at age 65.
- Elimination period: select between a 60-day, 90-day, or 180-day elimination period, or the length of your disability before benefits are paid out.
- Benefits integration: your long-term disability benefit will be calculated according to your custom-tailored premiums, previous income, as well as other benefits from the government and your employer that you may qualify for. This ensures that the total amount of your disability benefits will not exceed your pre-disability income and impact income tax.
At Oegema Nicholson, our guarantee is comprehensive long-term disability coverage, without the strict requirements of government or employer-sponsored plans. Coverage is available for every Canadian worker who:
- Is under 65 years of age and employed prior to the accident
- Resides in Canada
- Worked a minimum of 25 hours a week.
Partial Disability Benefit
In relatively fortunate cases, a less severe accident or illness may only result in a short-term or partial disability.
You may qualify for a partial disability benefit with the support of a physician who monitors your medical progress. This ensures temporary or partial income replacement as needed, especially if you can return to work and fully regain quality of life.
Oegema Nicholson: Trusted by the Canadian Worker
Oegema Nicholson is a trusted, 100% Canadian insurance provider in Ontario and Quebec, but for us, we chalk up our success in the industry to caring for our clients like family.
Our insurance experts understand that surviving a life-altering injury is just the first step towards recovery — that’s why you need all the help and resources available to help you and your loved ones regain your quality of life.
Our mission is to equip every Canadian worker with a suitable long-term disability insurance policy that effectively replaces their income and ensures financial stability for the entire family.
It doesn’t matter where you work or what you do — risks occur every day, everywhere.
Our custom-tailored long-term disability insurance policies provide necessary benefits at an affordable cost, along with accessible coverage that beats any provincial or employer-sponsored plan that may be hard to access as your needs change.
For more information on restoring the quality of life and earning income replacement through long-term disability insurance, call Oegema Nicholson (613) 224-1455 or contact us here.
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