{"id":1544,"date":"2012-11-26T20:01:26","date_gmt":"2012-11-26T20:01:26","guid":{"rendered":"http:\/\/andrewwbradley.ca\/Retirement-Made-Easy\/?p=40"},"modified":"2012-11-26T20:01:26","modified_gmt":"2012-11-26T20:01:26","slug":"mortgage-disability-insurance-vs-individual-disability-insurance","status":"publish","type":"post","link":"https:\/\/blog.andrewwbradley.ca\/index.php\/2012\/11\/26\/mortgage-disability-insurance-vs-individual-disability-insurance\/","title":{"rendered":"Mortgage Disability Insurance vs. Individual Disability Insurance"},"content":{"rendered":"<p><span style=\"font-family: Trebuchet MS, sans-serif;\"><a href=\"https:\/\/andrewwbradley.ca\/Blog\/4956696672_b5af60e564_b\/\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignleft size-full wp-image-1724\" src=\"https:\/\/andrewwbradley.ca\/Blog\/wp-content\/uploads\/2017\/02\/4956696672_b5af60e564_b.jpg\" alt=\"Mortgage Disability Insurance vs. Individual Disability Insurance\" width=\"1024\" height=\"1024\" \/><\/a>Most families in Orleans that own a home with a mortgage, chances are you have Mortgage Disability Insurance. It goes without saying that <a href=\"http:\/\/andrewwbradley.ca\/MortgageInsurance.html\" target=\"_blank\" rel=\"noopener\">Mortgage Disability Insurance <\/a>is linked to your Mortgage. Most lending institutions tie this type of insurance in with their existing <a href=\"http:\/\/andrewwbradley.ca\/MortgageInsurance.html\" target=\"_blank\" rel=\"noopener\">mortgage life insurance<\/a> plans.<\/span><\/p>\n<blockquote><p><span style=\"font-family: Trebuchet MS, sans-serif;\">On the surface Mortgage Disability Insurance may seem like a good idea, but it has several limitations.<\/span><\/p><\/blockquote>\n<p><a name=\"more-672\"><\/a><span style=\"font-family: Trebuchet MS, sans-serif;\">The plan pays the bank if the insured becomes disabled and is unable to work. On the surface this plan may seem like a good idea, but it has several limitations:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: Trebuchet MS, sans-serif;\">The disability benefit is entirely tied to the insured&#8217;s mortgage payment and doesn&#8217;t take into account other monthly expenses like food, hydro, transportation, etc.<\/span><\/li>\n<li><span style=\"font-family: Trebuchet MS, sans-serif;\">It&#8217;s not portable i.e. if you switch banks, the coverage is gone.<\/span><\/li>\n<li><span style=\"font-family: Trebuchet MS, sans-serif;\">Restrictive benefit period i.e. how long you receive this disability benefit is often limited to 24 months.<\/span><\/li>\n<li><span style=\"font-family: Trebuchet MS, sans-serif;\">Coverage terminates if you move to another home or pay off your mortgage.<\/span><\/li>\n<li><span style=\"font-family: Trebuchet MS, sans-serif;\">The definition of disability is usually the inability to work at any occupation. This is the least favourable occupation class when trying to collect on a claim.<\/span><\/li>\n<li><span style=\"font-family: Trebuchet MS, sans-serif;\">The premiums are subject to provincial sales tax.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: Trebuchet MS, sans-serif;\">Individual Disability policies can be designed specifically to fit your needs. They can cover up to 60% of your net income tax free. However, for higher income earners this percentage is lower.<\/span><br \/>\n<span style=\"font-family: Trebuchet MS, sans-serif;\">Still, there are just too many benefits to individual disability policies that can&#8217;t be ignored:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: Trebuchet MS, sans-serif;\">Applicants can choose the elimination period and the benefit period i.e. when you get paid and how long you get paid.<\/span><\/li>\n<li><span style=\"font-family: Trebuchet MS, sans-serif;\">Discounts are given to applicants in low-risk occupations e.g. office managers, computer consultants, etc.<\/span><\/li>\n<li><span style=\"font-family: Trebuchet MS, sans-serif;\">Coverage can be coordinated with outside disability plans so the applicant isn&#8217;t over-insured. It should be mentioned that unlike life insurance, disability insurance has tighter limits on the amount of coverage you can qualify for.<\/span><\/li>\n<li><span style=\"font-family: Trebuchet MS, sans-serif;\">Multi-policy discounts are available with several carriers.<\/span><\/li>\n<li><span style=\"font-family: Trebuchet MS, sans-serif;\">Many companies have a return of premium feature that puts all or part of your premiums back in your pocket if you don&#8217;t make a claim.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: Trebuchet MS, sans-serif;\">As with <a href=\"http:\/\/andrewwbradley.ca\/MortgageInsurance.html\" target=\"_blank\" rel=\"noopener\">Mortgage life Insurance<\/a>, it is not determined if you are covered until you need to make a claim.\u00a0Do you want to put your home and family at risk when you can have a guaranteed\u00a0to pay disabilty policy?<\/span><br \/>\n<span style=\"font-family: Trebuchet MS, sans-serif;\">Contact me today for a free mortgage insurance consultation and help you find a better solution to ensure you and your family is properly protected.<\/span><br \/>\n<a href=\"http:\/\/andrewwbradley.ca\/Contacts.html\" target=\"_blank\" rel=\"noopener\">Andrew W Bradley<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Most families in Orleans that own a home with a mortgage, chances are you have Mortgage Disability Insurance. It goes without saying that Mortgage Disability Insurance is linked to your Mortgage. Most lending institutions&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":24147,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[8],"tags":[127,255,280,318,321,361,365,366],"_links":{"self":[{"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/posts\/1544"}],"collection":[{"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/comments?post=1544"}],"version-history":[{"count":0,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/posts\/1544\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/media\/24147"}],"wp:attachment":[{"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/media?parent=1544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/categories?post=1544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.andrewwbradley.ca\/index.php\/wp-json\/wp\/v2\/tags?post=1544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}