social insurance number ontario canada

social insurance number ontario canada
Throughout life one of your biggest assets is your ability to earn in income. Income protection insurance preserves this asset should you experience an accident that you Renders incapable of earning a wage long term. In other words, if you become temporarily or permanently disabled, whether physically or mentally, and thus unable to work, to income protection policy will see that you continue to get paid up to 75 per cent of your prior salary.

Although a relative of life insurance, income protection is different in the sense that the policyholder does not have to die before receiving benefits. Sort your policy based on your individual circumstances. For example, if you're not with individual members, you can only want to supply 50 percent of your salary. However, if you are married with children, the maximum amount of insurance is the safest option.

These are not the only things to consider - Income protection policies also depends on factors such as:

* Profession: A construction worker usually pay a higher premium than an office worker. The more physical risk, the higher the costs. There are usually three categories of policy - white collar, blue collar, and individual entrepreneurs / entrepreneur.
* Lifestyle choice: smokers are usually pay more than non-smokers.
* Health: All pre-existing medical conditions could impact on the cost of your insurance.
* Age: If you have a fixed premium, the cost of your income-insurance will continue to increase as you get older.
* Other factors: marital status, sex, what percentage of your pay you for what you want to be responsible for (eg permanent disability, temporary disability, or both) and nominated period (the longer the wait, the cheaper the premium ).

Score protection up to 75 percent of the income can be a lifesaver when it comes to things like bills, food, credit card bills and home loans. However, there are some extras you can about your insurance. It is possible, the cost of rehabilitation, the recruitment of a nurse or a partner of the wage, if it takes the time to make for you. Entrepreneur, you can for themselves for office rent and other costs needed to run the job, such as telephone and electricity bills.

Another advantage: the income is that the premiums you pay are tax deductible. The amount you can claim back, depending on individual circumstances and your policy, there may be a good idea to save your accountant advice before signing anything.

Remember to read over your policy conditions carefully before so decide. It may be boring, but it saves a lot of time and money in the long run.

Article provided by Life Broker, income insurance for Australians. Contact http://www.lifebroker.com.au for more information.