If you have already purchased automobile, home and health insurance, it may seem like a waste of money to pay for any form of additional insurance. Yet you can never know what the future holds. When you have disability insurance, you become free of concerns about specific uncertainties.
You do not have to worry about the possibility that you are underinsured.
If you were to be injured in a car accident, the terms of your automobile insurance policy would state that you must receive a given percentage of your regular salary. Someone with disability insurance receives a larger amount of money, as compensation for loss of earnings. Remember, a big reason for buying a source of LTD (long term disability) payments is to be certain of a source of income, in the event that you can no longer work.
You cannot know for certain that any accident that causes you to become injured will be an automobile accident. You might fall and get injured in a store or a restaurant. In that case, you could use a Personal Injury Lawyer in Vaughan, in order to seek some form of compensation. Still, it takes time for a case of that nature to be resolved. In the meantime, you need some type of income. Disability insurance can serve as a source of such income.
If you do get injured in a store or restaurant, and then file a lawsuit, it could pay to speak with the lawyer for the store/restaurant. Maybe that business had become the victim of some shoddy work by a contractor. Maybe that shoddy work created the setting in which you happened to fall down.
In that case, the company that you are suing, will have reason to sue the guilty contractor. Based on that fact, the business that you are suing might be willing to arrange for early payments. Consequently, you could obtain a temporary source of extra money, without relying on LTD payments.
Keep in mind that such payments get received for only a limited amount of time. LTD payments continue for at least 2 years, and might get delivered to the recipient for a longer period of time.
You could become very ill.
Even if you had medical insurance, there would be the chance that the insurance company might not cover your specific condition. Moreover, if you had any sort of pre-existing condition, you could find it hard to obtain coverage for your illness.
If you have a lawyer, you can plan to fight a denial, but that seldom guarantees the ability to obtain some type of replacement income. If you can obtain LTD payments, then you will have an alternate source of income.