What is Disability Insurance

Disability insurance provides a monthly, tax-free income to help replace lost wages if you’re unable to work due to a serious injury or illness. Coverage isn’t limited to visible injuries like broken bones—chronic pain or mental health challenges can also qualify for payouts.

Why Do You Need Disability Insurance?

Disabilities, whether temporary or permanent, are more common than many realize. In 2017, over 20% of Canadians reported living with one or more disabilities.

Losing your ability to work means losing one of your most valuable assets: your income. Disability insurance ensures you don’t have to rely on savings to cover expenses if you’re unable to work. It’s especially crucial for self-employed individuals or sole income earners in a household, providing financial stability during tough times.

What If I Already Have Disability Insurance Through Work?

Employer-provided disability insurance is a great start, but it often doesn’t replace your full paycheck—particularly during extended absences. Purchasing private disability insurance offers several advantages:

• Customizable Coverage: Choose the amount that fits your needs.

• Portability: Keep your coverage even if you change jobs.

• Supplemental Income: Add to your employer plan for more comprehensive protection.

Private disability insurance provides peace of mind, ensuring you have sufficient coverage regardless of employment changes.

How Does Disability Insurance Work?

Here’s an overview of how disability insurance functions:

1. Determine Your Coverage Needs. Consider your salary and financial obligations to decide how much coverage to purchase.

2. Pay Monthly Premiums. Premium costs depend on factors like your health, age, and chosen coverage amount.

3. File a Claim. If you become disabled, submit a claim. We’re here to guide you through the process.

4. Receive Payments. Once your waiting period ends, you’ll receive monthly benefits. Choosing a longer waiting period can lower premiums but delays payments.

5. End of Payments. Payments stop when you return to work or when your coverage period expires.

   
   

   We’re Here to Help

   If you have questions about disability insurance—whether it’s costs, claims, or coverage details—we’re ready to assist. Protect your financial future and gain peace of mind. Contact us today!