How To Determine Your Need For Disability Insurance

Now that the government has insisted that each tax-paying citizen of Canada should have access to low cost health insurance, some television ads do seem to question the need for disability insurance. Some suggest that, at the time of an accident, possession of health insurance would provide you with adequate coverage. The fact is that it would not.

None of the policies that cover medical expenses for someone that has been in an accident can furnish that same covered person with an extra source of income, if he or she can no longer perform his or her previous on-the-job duties. Even automobile insurance does not do that fully. It offers the policy holder a loss-of-income compensation that equals only a percent of that same person’s previous salary.

The inadequacy of simple long-term disability insurance

If you were to slip and fall and the resulting injuries kept you from working, you could go after long term disability insurance. Understand though, that winning the benefits from such insurance takes time. You must enter and win a lawsuit. Chances are slight, that you might get a substantial number of advance payments, those that come before the lawsuit has been settled.

Moreover, the fallacy behind reliance on coverage for long-term disabilities ignores the possible appearance of a situation in which you cannot sue. For example, suppose that you develop a chronic health condition, and that condition keeps you from working. Moreover, you have no ready way to push for reversal of a decision if you do not win a lawsuit. However, if you have been making payments on disability insurance, then you can take action, if your insurance company denies your claim.

You can do two different things. Your personal injury lawyer in Hamilton can present further evidence of you injury and your attempt to obtain adequate treatment for it. You can also build on your case, by demonstrating clearly how your damaged body keeps you from doing your job.

You do not get to decide when and where you might get injured

If you should fall while walking on the sidewalk, you may find it extremely difficult to initiate a lawsuit. If you have to sue a homeowner, because you tripped on a bicycle that a neighbor’s child left on a doorstep, it may take years for the courts to issue a final decision. Obviously, you have no control over when you might get sick. All of those established facts highlight the degree to which you are taking a huge risk, when you remain uninsured at the time of an accident or illness.

Only someone familiar with the law can seek out the lawyer for the opposing side, in an effort to arrive at an early solution. If you lack such familiarity, you need adequate coverage. You must stay covered, as you encounter daily risks.