There are two types of disability insurance, short-term and long-term: What is disability insurance?įinancial expert, Jim Yih of the Retire Happy blog says, "Disability insurance protects your greatest asset – your earning power." It helps cover your loss of income by providing you with a monthly benefit if you're unable to work for a certain period of time due to an accident or illness. "I began to wonder how would I survive? How would I pay my bills?” Cakebread recalled that it was a wakeup call that inspired her to take out disability insurance. It made Cakebread wonder what would happen to her if she faced such a life-changing accident. "And he became permanently disabled and unable to work." "He was in the hospital for months," says Cakebread. A rock fell on his head and he lost the ability to walk and talk. Toronto freelance writer, Caroline Cakebread was in her early 30s when someone she knew had a terrible accident while hiking.
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