Vancouver, BC -- (ReleaseWire) -- 01/16/2023 --When living the good life in Vancouver, it can be challenging to consider how disability or sickness can have an impact. The active lifestyle many Vancouverites enjoy—skiing, boarding, bicycling—opens the potential to injuries that can impact short and long-term earning potential, making it harder to pay for housing and support a family. This is the purpose of disability insurance, and there are several types, each for specific circumstances. To learn more, go to https://www.venturefirstadvisory.com/blog/why-buy-disability-insurance-in-vancouver/
DISABILITY INSURANCE IN VANCOUVER – HOW IT WORKS
Disability insurance pays a monthly tax-free income should an individual become unable to work and earn an income due to injury, illness, or nervous disorder. With disability insurance, it's typical to spend up to 5% of income to protect the remaining 95%.
TYPES OF DISABILITY INSURANCE
EMPLOYEE DISABILITY INSURANCE THROUGH WORK
Company employees are advised to check their benefits booklet thoroughly to see if there's disability insurance coverage and whether that coverage has gaps. In most cases, it's possible to top-up gaps with private disability insurance coverage.
SELF-EMPLOYED DISABILITY INSURANCE IN VANCOUVER
Self-employed individuals and contractors will likely need to purchase disability insurance. There is no employer safety net for the self-employed—investing in disability insurance means creating one. One caveat is that disability insurance can be more challenging to buy for the newly self-employed—it's preferred if stability can be demonstrated for at least two years. In some cases, a non-cancellable policy implemented while working for an employer—when there was no plan to change careers—may transfer over.
HIGH-INCOME DISABILITY INSURANCE
For high-income employees, such as executives and some tech workers, it's important to carefully check any benefits booklet, as employer-sponsored disability insurance will typically not cover the total amount of lost monthly income. A rep may be able to provide more details.
DISABILITY INSURANCE VANCOUVER ADVISORS
Venture First Advisory has advisors specializing in disability insurance, particularly for Vancouver employees and self-employed individuals. Invest in well-being and peace of mind. Call 1-855-245-8086 to talk to an insurance broker.
About Venture First Advisory
Venture First Advisory is committed to having the most in-depth knowledge about insurance for British Columbians, from comprehensive life insurance to health and dental plans. We have relationships with every major insurance brand in British Columbia. Developing these relationships means that, with our deep knowledge of the different options available, we can find the best plan for you.
For more information, please visit https://www.venturefirstadvisory.com/ or call 1-855-245-8086.
Venture First Advisory
Alan K
media@venturefirstadvisory.com
Why Buy Disability Insurance in Vancouver
for unexpected injuries and accidents, disability insurance in Vancouver can be a lifesaver