Disability Insurance
Disability Insurance
Disability insurance is a form of income protection that can provide you with financial support in the event of an illness or injury that prevents you from working. While many employers already offer short and long-term disability insurance, you can also purchase a policy independent of your employer. This means that the protection stays in place even if you change jobs.
Disability insurance replaces a portion of your regular income, typically between 60% and 85%, if you are unable to work due to a medical condition or injury. There are two types of disability insurance: short-term and long-term.
• Short-term disability insurance provides you with an income replacement benefit for a maximum of six months.
• Long-term disability insurance provides you with an income replacement benefit after a period of prolonged inability to work for up to two years. Some plans may offer coverage beyond two years if a medical condition prevents you from any sort of gainful employment.
Disability insurance can be a great income protection tool for people who are
• Primary income earners,
• Self-employed,
• High-income earners, and
• Business owners.
There are a wide range of disability insurance plans available from insurance companies in Canada. Policy terms and premiums are based on a variety of factors such as the definition of disability, policy exclusions, monthly benefit amount, and pre-existing health conditions. Together, we can determine which plan is right for you. Contact us
to learn more!