Disability Insurance

What is Disability Insurance?

Disability insurance provides a tax-free monthly payment to replace your income if an illness or injury prevents you from working. Disabilities aren’t always visible—conditions like chronic pain or mental health challenges can also qualify.

How Does It Work?

1. Choose your coverage: Decide how much income you want to replace and customize with optional benefits.

2. Pay your premiums: Monthly payments keep your policy active.

3. File a claim: If you become disabled, submit your claim.

4. Receive payments: After a waiting period (the time between your disability and benefit start date), you’ll receive monthly payments.

5. End of payments: Payments stop when your benefit period ends or you return to work.

Why Do You Need Disability Insurance?

Disabilities Are More Common Than You Think:

• Up to 40% of Canadians experience a disability lasting 90 days or more before age 65.

Replace Your Paycheque:

• Receive up to 80-90% of your take-home pay to maintain your lifestyle and cover expenses.

Protect Your Retirement Savings:

• Disability benefits help you avoid dipping into retirement funds to meet financial obligations.

Safeguard Your Most Valuable Asset:

• Your ability to earn an income is your greatest financial resource. Over a 30- or 40-year career, your earnings could total millions—disability insurance ensures you’re financially secure if that ability is interrupted.

Do You Need Disability Insurance If You Have Group Coverage?

Employer-provided group insurance is a good starting point, but it often offers limited coverage. A personal disability policy can:

• Fill gaps in your group coverage.

• Provide higher income replacement or longer benefit periods.

• Ensure you and your family are fully protected.

Why Consider Personal Disability Insurance?

• Comprehensive Coverage: Tailored to your income and needs.

• Flexibility: Choose benefits like cost-of-living adjustments or partial disability coverage.

• Peace of Mind: Protect your income, lifestyle, and future.

Disability insurance is an essential part of your financial plan, ensuring that an unexpected illness or injury doesn’t derail your financial security.