Disability Insurance

In case you get sick or injured and can’t earn your regular income

Disability Insurance

Disability insurance is designed to replace a portion or all of your income, if you become disabled and are unable to earn an income. A disability can result from a number of causes, including an injury, a serious illness or a mental health issue. And the duration of a disability can be either short- or long-term.

Auto and home insurance are commonly purchased by Canadians to ensure protection on their valued assets, but few people consider protecting their means of income. The reality is that the number one cause of mortgage defaults and savings decline is loss of employment due to injury or illness.

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Speak to your financial planner to determine what is best for you and is affordable also.

Disability insurance is a product that protects your ability to remain financially stable should a debilitating injury or accident threaten your ability to work. There are different kinds of disability insurance coverage, including individual insurance plans and group insurance plans, as well as government plans such as workers’ compensation and benefits provided under the Canada Pension Plan.

Reasons to consider Disability Insurance:

An injury resulting in disability will impact your income, making it difficult to pay bills or maintain your standard of living.
Worker’s compensation only pays out in work-related accidents.
Unemployment insurance typically pays for 15 weeks, which is generally insufficient for serious injuries.
Canada Pension Plan and Quebec Pension plan offer only limited benefits.
Group coverage typically doesn’t offer enough coverage and may be limited by type of disability.

Things to consider when purchasing Disability Insurance

Buying disability insurance is a very important decision of your life. While you are thinking about the premium you will be paying, it also important the possible benefits you will receive, if you happen to meet with a disability. Following are some of the things, you probably want to think of when purchasing a disability insurance coverage:

Do I have any coverage from my workplace? If so, how much does it cover and what is the length of the coverage? Typically, group plans coverage start when Employment Insurance coverage period ends for short-term disability.
If you are self-employed, you are most likely not covered under the Employment Insurance program. If you have purchased a group plan for your company, you may want to consider shorter waiting period, keeping in mind that you might have no EI coverage.
How much of a coverage do I want? Higher the amount of coverage, higher the premium.
How long will the benefit be paid for? Typically, you can choose a benefit period of 2 years, 5 years, or up to the age of 65. The longer benefit period is chosen, the more expensive the coverage will be.
What do I want covered in the policy; just the accident or sickness well?
Will there be an integration of benefits with other benefits I may receive? Typically, the insurance companies don’t want you to earn more money collectively while you are disabled, than what you were earning while at work. So, most of the companies do an integration of benefits received from other sources while being disabled. It is important to know what those will be ahead of time to avoid any surprises.

To make sure you are getting the best coverage, keeping in mind your needs, while keeping the premiums under control, please give me a call.