Disability Insurance
Disability insurance is a type of insurance that provides income replacement if you become unable to work due to illness, injury, or disability. It ensures that you continue to receive a portion of your salary or earnings even when you are unable to perform your job. This is different from health insurance, which only covers medical expenses—disability insurance protects your income.
Why It Is Important
1
Income Protection
Your ability to earn is one of your most valuable assets. Disability insurance ensures you can maintain your lifestyle and meet financial obligations if you cannot work.
2
Financial Stability
Covers everyday expenses such as mortgage or rent, utilities, groceries, and debt payments, preventing financial hardship during periods of disability.
3
Peace of Mind
Reduces stress knowing that an unexpected injury or illness won’t leave you or your family in financial jeopardy.
4
Long-Term Security
Some disabilities can last months or even years. Disability insurance can provide short-term or long-term coverage, depending on the policy, ensuring sustained financial support.
5
Protection for All Professionals
Essential for anyone earning an income, especially self-employed individuals or those without access to employer-provided benefits.
Key Features
Income Replacement
Pays a percentage of your salary (usually 50–70%) if you are unable to work due to disability.
Short-Term vs Long-Term
Short-term disability covers a few weeks to a year, while long-term disability can cover multiple years or until retirement age.
Waiting/Elimination Period
The time between the onset of disability and when benefits start, typically 30–180 days.
Definition of Disability
Policies may define disability as the inability to perform your own occupation or any occupation; definitions affect payouts.
Benefit Period
The maximum duration benefits will be paid while you are disabled.
Optional Riders
Add-ons may include cost-of-living adjustments, residual disability coverage, or partial disability benefits.
Tax Considerations
Depending on how premiums are paid, benefits may be taxable or tax-free.
Frequently Asked Questions
Best Insurance Services
Term Life
Insurance
Term Life Insurance is a type of life insurance policy that provides coverage for a specific period of time
International Student Insurance
International Student Insurance is a health and medical insurance plan designed specifically for students coming to Canada
Travel Insurance
Travel Insurance for Canadians is a type of emergency medical and trip protection coverage designed for Canadian residents
Investment
We’re committed to protecting every Canadian every story, every journey. Investment, Life & Travel we’ve got you covered.
Get an Insurance
Quote to Get Started
- Comprehensive Life Insurance
- Family & Health Protection Plans
- Travel & Visitor Insurance
- Retirement & Investment Solutions
