Disability Insurance

Disability Insurance


At work, you’re going to do everything you can to keep your employer happy with your performance. Unfortunately, you never know what is going to happen during the workday. With that being said, you need to take steps to ensure that you’re protected from potential mishaps. The good news is that you can solve this problem by acquiring insurance. Insurance will provide you with protection from numerous situations. However, you have to understand that there are numerous types of insurance and you’ll need to find the right one for the specific situation that you’re finding.

Many Canadians are not covered with sufficient insurance and this puts them at a grave risk. Within this guide, you’re going to find out about the benefits of acquiring disability insurance. You’ll also find out what this type of insurance is and how it can help you.


What Is It?

First and foremost, you should learn about the basics of disability insurance. There is always a risk that you might get disabled at your workplace or anywhere. If this happens, you will no longer be able to earn a steady income. Remember that disability may be the result of numerous problems. For instance, you might get injured at work, home, or you might experience an illness that makes it difficult for you to complete everyday tasks. Or, you may suffer from a mental breakdown. All of these problems are serious and you do need to take steps to protect yourself if they occur.

Remember that disability can be long or short-term. With that being said, there might be a time where you need disability insurance. If you get injured or ill and cannot work, this type of insurance will prove to be immensely beneficial. There are numerous coverage options to play around with and you’ll want to research them all. 

You can get an individual plan or you can be part of your group plan offered by your employer. You’ll also find that there are government plans that can help. Certain benefits are provided to you by the government. Thanks to the Canada Pension Plan. What ever is the need, disability insurance would be a great saver at the time of need.

This is why you’ll want to read this guide thoroughly before trying to acquire disability insurance. If you have questions or comments, you should contact Sim Gakhar and she’ll help you get the answers that you need.


The Benefits Of Disability Insurance

Ultimately, disability insurance offers a great value so it is a good investment for most Canadian consumers. If you get injured at work or home, you will not be able to generate an income and this can create numerous problems. However, you might be able to soften the blow by acquiring disability insurance. With this type of insurance, you will be given a portion of your income. By acquiring this insurance, you can rest assured knowing that you’ll have money to cover your monthly bills. Simultaneously, the money will prove to be helpful for covering the daily costs that you’ll endure.

Again, there are multiple benefits associated with disability insurance. You’ll learn more about these in the list below.

Not always disability is a long term, sometimes there can be a short term disability. For example a fracture or surgery due to illness, something like this will keep you away from working for few months but this will definitely effect money coming home to pay bills. Having a short term disability to your policy will pay a monthly benefit for the time you stay disabled. There is another scenario where disability could last months or even years. This is where long term disability kicks in. In this scenario benefits are payable till you stay disabled until age 65 or age 70. Choosing duration of disability benefits definitely affects the monthly premiums as smaller the period chosen, cheaper the premiums are.

Also there is a huge factor which effects the monthly premiums paid for your disability policy. This is the elimination period. Elimination period is the period from the time of onset of a disability to the time your eligible for the benefits. This is also called as waiting period. In most policies it is chosen as 30 day meaning monthly benefits would be paid after first 30 days. Choosing this elimination period really makes policy premium cost effective.

  • You need to make sure that your family is protected. If you get hurt, there is a risk that your family will not have enough money to care for themselves. This will put a burden on everyone you love. Well, you can combat this problem by acquiring disability insurance. It will help ensure that your family members are cared for while you’re out of work.
  • Once you’ve signed up for disability insurance, you can guarantee that you’re going to have additional money coming in provided the definition of disability is met.
  • This will prove to be very beneficial and you’ll be able to use this money on numerous things. For instance, you can use the money to buy the medications that you need, pay your monthly bills, use the money for therapy and eventually this will help you speed up the recovery process.
  • Another thing to note is that using private sources to pay for your disability insurance will be very beneficial. When you do this, you will not have to worry about hurting your government-funded compensation. If you pay out of pocket for disability insurance, it will not impact your government pension.

At the end of the day, buying disability insurance will be very beneficial. If you’re worried about the future and you want to protect yourself to the fullest, you should think about acquiring disability insurance. This will make a huge difference and it’ll give you an additional peace of mind.


Not Perfect

Remember that disability insurance is not the perfect solution. It can be expensive and you may not need disability insurance. If you’ve reached a certain age, you may be able to acquire enough money through your old age security pension and other benefits. However, you may not. With that being said, you should research all of your options. You may find that disability insurance is a good idea for you and your family. If you’re worried and cannot decide on your own, you should get in touch with professionals.

Contacting Sim Gakhar is one of the best ways to obtain the information that you need to ensure that you make the right decision for yourself and your family!


How To Acquire Disability Insurance

At the end of the day, acquiring disability insurance doesn’t have to be difficult. As long as you know what you’re doing, you shouldn’t have much trouble acquiring a sufficient amount of disability insurance. If you need assistance, you can get in touch with Sim Gakhar and she’ll be able to answer your questions. Remember that you need to find out what you need before moving forward. Once you’ve done that, you’ll have little to no trouble getting the insurance that you need.

Either way, you’ll want to follow the steps below to acquire disability insurance sooner rather than later.


Finding An Advisor

Getting disability insurance is a very specified unique process as it is based off the income that you are making while you are healthy. Once you get disabled, disability insurance are 65% to 70% of the monthly income that you were making before the disability occurred.

Also every disability policy has its own definitions of disability. This is where the expertise of an advisor who will be able to help you choose best disability product which protects all the definitions of your profession to get you fully protected incase of disability.

Make sure that you team up with a good advisor who will put your best interests first. Once you’ve done that, you can guarantee that acquiring the insurance that you need will be very easy. It is a bad idea to obtain insurance without working with a skilled advisor.


Work With The Advisor

Once you’ve found an advisor, you will need to start working with this individual. This will prove to be far more important than you might believe. An advisor will be able to provide you with a wealth of knowledge and numerous benefits. However, you need to work with that individual to ensure that they’re aware of your needs. Once you’ve discussed your needs with the professional, they will begin searching the market for insurance plans that will suit your needs. They’ll help you get the coverage as per your needs and affordability. This is the reason you should spend as much time as possible speaking with the professional. That will make a big difference and they’ll do everything in their power to help you get the best disability coverage.


Ask For Quotes

After you have finished the steps above, you’ll want to start looking for quotes. This will prove to be far more important than you could ever imagine. It is vital to obtain the cheapest price and the most coverage. With that being said, you should contact numerous companies and ask for quotes. You shouldn’t be required to qualify just yet. The quotes should be available for free and they should be very accurate. This will help you compare your options so you can find the insurance company that is going to provide you with the best coverage.

Again, your insurance advisor should help with this process. They have formed relationships with the insurance companies so you can guarantee that they’ll be able to help you acquire most affordable premiums.



Ultimately, you’ll need to qualify before you can acquire insurance. This is going to be an easy process but you will need to submit an application. Your advisor should be willing to walk you through this process so it shouldn’t be too difficult. Make sure that you follow his or her instructions so you can get the coverage you need as quickly as possible. To qualify, you will need to submit an application. Remember to check that application carefully to ensure that you provided the correct information. There is financial as well as medical underwriting in most cases.

Once you’ve done that, you should hear back from the company in a few days. If you qualify, you can make the initial payment and get covered. It is simple but it is best to work with an advisor to ensure that you’re going to get the best possible protection at the most affordable premium.


Getting Started Soon

At the end of the day, anything can happen tomorrow. It might be a perfect day. However, you may experience an accident that prevents you from working again. If this happens, you’re going to find yourself in big trouble. If you have disability insurance, you’ll be able to lighten the burden and protect yourself and your family. It is best to get covered as soon as possible. Be sure to get in touch with Sim Gakhar so you can get covered as soon as possible.

What Our Clients Say

My husband and I had the pleasure of getting our life insurance through Sim Gakhar. She is professional, attentive, detailed-oriented and knowledgeable. Sim is reliable and trustworthy – from selecting the right product to providing medical records and payment process – she made it super easy. She is punctual and flexible – she always came to our home at our schedule. She ALSO helped with closing one of our older insurance policy that wasn’t working for us. We highly recommended Sim, she is definitely one of the best in the industry.
Tharmila RajasingamCo-Founder | Realtor
Sim helped me and my wife replace existing Life Insurance and Critical Illness policies that weren’t meeting our needs. Her knowledge of Canadian Insurance policies and providers is excellent. Her approach was very consultative, ensuring that she understood our situation & goals, and never overselling. We were presented with several options and given time to make the best selection. Her relationships with coverage providers ensures that the process goes smoothly. I highly recommend her.
Jim MonteathIT Consultant
It has always been a pleasure conversing with Sim. She is always available, and always happy to provide you the best solution to suit your needs. One thing that makes Sim outstanding at what she does is her deep understanding of various products and how they fit within the goals of the client. It has truly been amazing 6 years since I have known Sim. Not only have I received appropriate coverage, but also was able to set up a plan for the estate. Thanks, Sim, and to anyone looking for a financial advisor or an estate planner or have any insurance needs, Sim is the person to go to. Thanks, Sim.
Adil ViraniActuary
Sim helped us with a life insurance policy. Her communication systems and processes and her ability to stay in touch, explain things, and move things along is as professional and streamlined as I’ve ever seen. She was an absolute pleasure to work with and has helped our family secure our financial future!
Jonathan CarterCPA | CMA
Sim has been our go to person for insurance over the last 11 years. She is nothing short of professional, caring and always looking out for our best interest. The great thing is she will always be available to answer questions and provide insight on how the decisions you make today, will impact your future tomorrow.
Raaziq BhimaniRestaurateur
Sim is a thorough and learned professional. It was a great experience working with her, to get customized insights, advice in making my insurance and investment decisions. She handled the end-to-end process with ease, especially during this challenging time, and went the extra mile so I could complete everything remotely. I would definitely recommend her and look forward to working with her for future investments.
Manav GhaiSenior Product Manager
Sim is a very knowledgeable and experienced professional not just for excellent & creative insurance solutions but probably the best financial planner that you will ever meet. We have known Sim for almost the past 2 decades and all we can say she conducts her business with integrity.
Neil RamchanderSales Manager
Sim is extremely knowledgeable, patient and helpful. She helped us to put together a plan that suited our needs very well. I think we were very lucky to find Sim.
Rick MateljanPrincipal Owner
I had the pleasure of working with Sim on selecting the best life insurance policy fo me. I had met with several advisors prior to meeting Sim and she definitely stands out as one of this best in the space! It’s very refreshing to see how she personalizes her approach to each person/product and makes sure you are well informed and comfortable before making any financial decisions.
She is constantly learning and paying it forward through her involvement and leadership in international community events. I am confident that Sim will help me make decisions in my best interest and I am excited to work with her in the future!
Sanveer DhanjuProduct Analyst
Sim is very knowledgeable and experienced person who not only help me with my life insurance and retirement planning needs, but also help my clients with their tax and retirement planning needs on very timely basis. I highly recommend her if anyone needs insurance and investment advice.
Olga Sokolova CPA, CA, LPA

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